WASHINGTON, Oct 8 (Reuters) – The U.S. Treasury Department announced new sanctions on Iran on Thursday, targeting individuals, networks, and 17 vessels involved in the transport of Iranian crude oil, oil products, and petrochemicals. The measures represent the latest escalation in U.S. economic pressure against Tehran.
The sanctions are part of Treasury’s “Operation Economic Outcast,” a coordinated effort to cut off funding for Iran’s war operations, missile development, cyber‑attacks, and the Islamic Revolutionary Guard Corps (IRGC).
“Today’s action delivers the most decisive blow to Iran’s remaining illicit maritime infrastructure by neutralizing the bulk of its shadow fleet,” said a Treasury official during a briefing. “We are cutting off the regime’s last major source of illicit revenue and reinforcing international accountability.”
The move intensifies pressure on Iranian oil exports after the United States re‑imposed a blockade on Iranian ports on July 14, following the collapse of a memorandum of understanding between Washington and Tehran.
Iran currently holds roughly 20 million barrels of crude oil on vessels outside the blocked ports, according to a Treasury official. Global daily oil consumption stands at about 100 million barrels.
(Reporting by Timothy Gardner and Daphne Psaledakis; editing by Michelle Nichols and Nia Williams)
Also Read
- CNBC Financial Advisor 100: Eligibility Criteria, Fees, and Ranking Methodology Explained
- Israel Launches First National Pavilion at Morocco’s Marrakech Air Show
- IDF Combat Officer Killed, Three Injured Following Vehicle Accident in Southern Lebanon
- SentinelOne Demonstrates Profitable Growth Trajectory as AI Expands Cybersecurity Platform