Treasury's Tightening Grip: Sanctions Target Iran's Oil Network

The U.S. Treasury Department has sanctioned over 20 companies connected to a network reportedly facilitating the transport of Iranian oil to China. This move follows recent Iran-U.S. nuclear talks and aims to counter funding for Iran's military developments and Middle Eastern conflicts. Analysts suggest broader sanctions are needed.

The U.S. Treasury Department has imposed sanctions on more than 20 companies accused of aiding Iran in shipping oil to China. This move comes after the conclusion of a fourth round of nuclear talks between Iran and the United States.

The sanctioned network allegedly helped channel billions of dollars' worth of oil sales to support Iran's Armed Forces General Staff and its proxy, Sepehr Energy. The sanctions target companies like CCIC Singapore PTE for obscuring the oil's Iranian origins and conducting crucial pre-delivery inspections. Huangdao Inspection and Certification Co Ltd was also named for supporting Sepehr.

Additionally, Treasury sanctioned Qingdao Linkrich International Shipping Agency Co Ltd for assisting Sepehr Energy's vessels at Qingdao Port. Funds from these sales reportedly bolstered Iran's missile and drone programs, nuclear pursuits, and regional militant activities, according to the State Department. The U.S. continues to apply pressure on Tehran amidst ongoing diplomatic efforts.

(With inputs from agencies.)