America issues new sanctions related to Iran

Today, the US Treasury Department imposed new Iran-related sanctions on individuals, entities and oil tankers, hours after US President Donald Trump presented his arguments regarding the possibility of launching an attack on Iran in his speech to Congress.

The department’s Office of Foreign Assets Control imposed sanctions on more than 30 individuals, entities, and ships, which it claimed contributed to the illicit sale of Iranian oil, and to Iran’s production of ballistic missiles and advanced conventional weapons.

The ministry said that the office also targeted multiple networks that enable the Iranian Revolutionary Guard and the Ministry of Defense to obtain the raw materials and machinery needed to produce ballistic missiles and other weapons.

US President Donald Trump launched a campaign to tighten the screws on the Iranian economy. He warned of the possibility of an attack if Tehran did not reach an agreement to resolve the long-term dispute over its nuclear program.

Trump briefly presented his arguments for a possible attack in his State of the Union address to Congress yesterday.

The Treasury Department said the sanctions targeted 12 ships from the Shadow Fleet and their owners or operators who collectively transported Iranian oil and petrochemical products worth hundreds of millions of dollars.

The term “shadow fleet” refers to ships transporting sanctioned oil. These ships are usually old, their ownership is unclear, and they sail without the first-class insurance coverage necessary to meet the international standards of major oil companies and many ports.

“Iran exploits financial systems to sell illicit oil, launder the proceeds, purchase components for its nuclear and conventional programs, and support its terrorist proxies,” Treasury Secretary Scott Besent said in a statement.