US expands sanctions against Iran's oil industry over Israel strikes
US is sanctioning 17 ships and 10 entities involved in shipping oil and petrochemicals
Washington: The US announced new sanctions on Iran's oil and petrochemicals sectors in response to the country's Oct. 1 ballistic-missile attack on Israel.
The US sanctioned 17 ships and 10 entities that have linked to the "ghost fleet" of tankers linked to the shipment of Iranian oil and petrochemicals, including to refineries in China, the Treasury Department said. Friday's action will also allow the US to target a broader range of activities related to the trade in the future, the department said.
The sanctions are aimed at preventing Iran from using its oil revenue to fund its nuclear and ballistic-missile programs, as well as its support for proxy forces throughout the Middle East and the rest of the world, Treasury Secretary Janet Yellen said in a statement.
The US "will not hesitate to take further action to hold Iran accountable," Yellen said.
The ships and companies are based in Hong Kong, Malaysia and elsewhere. Chinese purchases of Iranian oil have surged since 2021, according to a an analysis by the Energy Information Administration.