The U.S. State Department, in conjunction with the Department of the Treasury’s Office of Foreign Assets Control (OFAC), has launched a new round of sanctions targeting Iran’s oil trade. This initiative, announced recently, represents the second set of sanctions aimed at crippling Iran’s petroleum exports, following a presidential memorandum issued by President Trump on February 4, which set the ambitious goal of reducing Iran’s oil exports to zero and applying "maximum pressure" on the Iranian regime.
The sanctions affect over 30 individuals and entities, including Iranian nationals, companies, and various international oil brokers and tanker operators. These sanctions span multiple countries, including China, Panama, the United Arab Emirates (UAE), India, and Malaysia. Collectively, the vessels involved have been responsible for transporting tens of millions of barrels of crude oil, yielding significant revenue for the Iranian government.
Key figures targeted by the sanctions include Hamid Bovard, Iran’s Deputy Minister of Petroleum and CEO of the National Iranian Oil Company (NIOC). OFAC highlighted that the funds generated by NIOC are crucial for financing Iran’s military activities and the operations of its proxy groups, such as the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The Iranian government allocates substantial oil revenues to its armed forces, further underscoring the strategic importance of these sanctions.
Other notable individuals sanctioned include Abbass Asadrouz, manager of the Iranian Oil Terminals Company, and several managers of key oil terminals in Iran. The sanctions also extend to international entities, such as the UAE-based Petroquimico FZE, which has reportedly purchased millions of dollars’ worth of petroleum from NIOC, and Hong Kong-based Petronix Energy Trading Limited, known for acquiring large quantities of Iranian oil for shipment to China.
The sanctions further encompass several vessels linked to these companies, including the Barbados-flagged CASINOVA, which has been involved in transporting Iranian oil to the UAE. Additional vessels, such as the Panama-flagged URGANE I and others, have also been implicated in moving Iranian crude oil to various destinations, particularly in China.
In total, the U.S. government has designated eight entities connected to Iranian petroleum activities, including companies based in Iran, India, the UAE, and Malaysia. The sanctions also apply to several vessels associated with these entities, aiming to disrupt their operations and reduce Iran’s ability to generate revenue from oil exports.
This latest round of sanctions demonstrates the U.S. administration’s ongoing commitment to countering Iran’s influence and military capabilities through economic pressure, reflecting a broader strategy to address concerns over Iran’s regional activities and its nuclear ambitions. The effectiveness of these sanctions in achieving their intended goals remains to be seen, but they are part of a sustained effort to challenge the Iranian regime’s economic foundations.