US sanctions shipping network for smuggling Iran oil
The organisation is accused of covertly blending Iranian oil with Iraqi oil, then intentionally marketing it as solely of Iraqi origin
The US Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.
The administration of US President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.
A senior Iranian official said on Tuesday that the path to nuclear negotiations is not closed but US demands for curbs on Iranian missiles are obstructing prospects for talks.
The Treasury said the network, run by a businessman who is a citizen of Iraq and St Kitts and Nevis and is based in the United Arab Emirates, operates primarily by covertly blending Iranian oil with Iraqi oil, which is then marketed intentionally as solely of Iraqi origin to avoid sanctions.
“By targeting Iran’s oil revenue stream, Treasury will further degrade the regime’s ability to carry out attacks against the United States and its allies,” US Treasury Secretary Scott Bessent said in a statement.
“We remain committed to an oil supply free from Iran and will continue our efforts to disrupt the ongoing attempts by Tehran to evade US sanctions,” he said.