WANA (Jul 03) – The U.S. Department of the Treasury has announced a new round of sanctions targeting individuals and entities linked to Iran’s oil trade and financial networks.

 

The Office of Foreign Assets Control (OFAC) said it has taken action against networks collectively involved in transporting and purchasing billions of dollars’ worth of Iranian oil. Among those sanctioned is a network of companies managed by Iraqi businessman Salim Ahmad Said.

 

The Treasury also blacklisted several vessels involved in the shipment of Iranian oil.

 

“Today’s actions underscore our commitment to disrupt Tehran’s revenue streams and increase economic pressure,” said Scott Busente, U.S. Treasury Secretary.

 

These sanctions were issued under Executive Order 13902, which targets individuals active in key sectors of Iran’s economy, including its oil and petrochemical industries.

 

This marks the eighth round of sanctions targeting Iran’s oil trade since the issuance of National Security Memorandum No. 2 by the President, intensifying the administration’s maximum pressure campaign on Iran.

 

In a parallel move, the U.S. State Department, under Executive Order 13846, sanctioned six entities based in Singapore, Seychelles, Liberia, the British Virgin Islands, and the Marshall Islands for knowingly participating in significant transactions involving Iranian oil or petroleum products.

 

Additionally, the Treasury Department announced sanctions against seven senior individuals and one entity associated with Lebanon’s Hezbollah-linked financial institution, Al-Qard al-Hassan. These individuals are accused of aiding in the circumvention of U.S. sanctions.