Key takeaways:

• The US has imposed sanctions on over 30 individuals and vessels involved in Iran's oil trade.
• These measures primarily target brokers in China, India, and the UAE.
• The sanctions aim to disrupt Iran's funding for military and terrorist activities.

On February 24, the United States took significant action by imposing sanctions on over 30 individuals and vessels linked to Iran's oil supply, as stated by the Treasury Department. This initiative comes as part of ongoing efforts to weaken Iran's economic strength and address its ongoing threats to regional stability.

The recent sanctions specifically target oil brokers operating in the United Arab Emirates, Hong Kong, and individuals managing tankers in China and India. Among those sanctioned are the heads of Iran's National Iranian Oil Company and the Iranian Oil Terminals Company, all accused of facilitating large-scale oil shipments valued in the hundreds of millions of dollars. Treasury Secretary Scott Bessent remarked, “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” highlighting the covert operations that support Iran's oil exports.

This round of sanctions builds cumulatively upon measures initiated during President Trump's administration, aimed at driving Iran's oil exports to zero and preventing it from acquiring nuclear weapons. Previous sanctions had set a precedent, tightening restrictions on key sectors of Iran's economy, and the latest actions reinforce this strategy to curb revenue that finances its military involvements and support for militant groups attacking US interests.

The targeted vessels are responsible for transporting tens of millions of barrels of crude oil, which have been crucial for Iran’s economy, as it reportedly earns nearly $2 billion monthly from oil exports, predominantly to China. The sanctions also affect companies like Petronix Energy Trading Ltd., based in Hong Kong, which has been implicated in purchasing large quantities of Iranian oil despite ongoing sanctions. The US administration's approach emphasizes that “anyone who deals in Iranian oil exposes themselves to significant sanctions risk,” signaling a firm commitment to hold responsible those engaging in activities that undermine US security interests and global stability.

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