Trump tightens sanctions on Iran-China oil trade

 

Earlier on Baghdad said it had reached "understandings" with the United States and Iran to reduce the impact of the Hormuz blockade on Iraqi oil exports. [AFP]

President Donald Trump’s administration has sanctioned several entities, an individual, and a vessel involved in the trade of Iranian petroleum, petroleum products, and petrochemical products. 

Through the Department of State, Trump’s administration said the move is in line with its decisive action to disrupt Iran’s illicit oil trade, the primary revenue stream for the Iranian regime to fund terrorism and regional destabilization.

In a statement, the department said the latest action targeted Qingdao Haiye Oil Terminal Co., Ltd., a China-based petroleum terminal operator that has imported tens of millions of barrels of sanctioned Iranian crude oil since the announcement of National Security Presidential Memorandum 2. 

According to Trump, Haiye has enabled the flow of billions of dollars to Tehran that has relied on sophisticated evasion schemes, accepting cargo from vessels conducting illicit ship-to-ship transfers with sanctioned vessels. 

These vessels, he said, also conducted deceptive shipping practices that endangered legitimate maritime commerce.

Concurrently, the Department of the Treasury has imposed sanctions on Iran’s financial infrastructure, designating three Iranian currency exchange houses, their affiliated individuals, and associated companies that fund the regime’s destabilising activities.  

“These exchange houses process billions of dollars annually, serving as crucial intermediaries that convert Iran’s oil revenues into usable currency for the regime and its network of proxies throughout the region,” a statement signed by Thomas Pigott, Department Spokesperson read.

These measures Pigott said aims to disrupt Iran’s ability to fund terrorism and proxies, develop weapons, and threaten the region. 

“The administration remains focused on ensuring the Iranian regime cannot use illicit oil revenues to advance its destructive agenda while the Iranian people continue to suffer from economic mismanagement and repression,” the statement read.

Trump said his administration will continue to hold Iran accountable and counter its dangerous and malign behavior. 

“As part of Economic Fury, we will intensify economic pressure on Iran and the international network that sustains its illicit energy trade,” it said.