US imposes oil sanctions on 16 entities

The US has announced sanctions against Iran, which launched a missile attack on Israel on October 1. In a statement issued by the US Department of State, it was stated, "The United States has been clear that we will impose consequences for Iran's actions. To that end, we are taking steps today to disrupt the revenue streams the Iranian regime uses to fund its nuclear program and missile development, support its proxies and partners, and perpetuate conflict in the Middle East."

The statement, which also provided details on the sanctions, noted, "The Department of State is designating 6 entities for engaging in oil trade in Iran and identifying 6 vessels as blocked property. Simultaneously, the Department of the Treasury, in consultation with the Department of State, is issuing a determination that will allow for the imposition of sanctions against any person determined to be operating in the oil or petrochemical sectors of the Iranian economy. In addition, the Treasury is imposing sanctions on 10 entities and identifying 17 vessels as blocked property for their involvement in the shipment of oil and petrochemical products from Iran to support the National Iranian Oil Company or Triliance Petrochemical Co. Ltd., which have been designated by the US."

The statement, which emphasized that the US is determined to restrict the revenue sources Iran uses for its malicious activities, concluded, "As long as Iran continues to dedicate its energy revenues to funding attacks against our allies, supporting terrorism worldwide, and continuing other destabilizing actions, we will continue to use all the tools at our disposal to hold it accountable. These measures will be reinforced by ongoing close coordination with our partners and allies to address and counter Iran's actions."