US imposes new sanctions targeting Iran’s oil trade

The US on Monday sanctioned more than 30 individuals, vessels, and companies accused of facilitating illicit oil sales, as the Trump administration returned to the "maximum pressure" policy on Iran.

"Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities," said Treasury Secretary Scott Bessent, adding that the US will use all available tools to target all suspects of Iran's oil supply chain.

Among those designated is the head of Iran's National Iranian Oil Company and the Iranian Oil Terminals Company as well as several shipping firms and trading entities based in the UAE, India, and China.

According to the Treasury, the sanctions block any property or interests in property belonging to the designated individuals and entities that are in the US, or under the control of US persons. Entities that are 50% or more owned—directly or indirectly—by one or more blocked individuals or organizations are also subject to the sanctions.

"Today's action represents an initial step to realize President Trump's campaign of maximum pressure on the Iranian regime. It disrupts efforts by Iran to amass oil revenues to fund terrorists' activities," the State Department said in a separate statement. "We will continue to disrupt such illicit funding streams for Iran's malign activities.  As long as Iran devotes its energy revenues to financing attacks on our allies, supporting terrorism around the world, or pursuing other destabilizing actions, we will use all the tools at our disposal to hold the regime accountable."

Tehran has yet to respond to the latest US sanctions.