The U.S. Treasury Department imposed sanctions on Thursday, March 13, on Iran’s Energy Minister Mohsen Paknejad and several Hong Kong-flagged vessels involved in covert oil transportation, according to British news agency Reuters. These ships were sanctioned for allegedly evading Western restrictions and secretly selling oil.
According to a report by Spells, one of the 10 sanctioned ships was supposed to be brought to Bangladesh for dismantling. The Comoros-flagged vessel anchored in Bangladesh before the sanctions were imposed. However, due to the restrictions, it will no longer be dismantled.
Since February, U.S. President Donald Trump has been maintaining a policy of maximum pressure on Iran, aiming to reduce the country’s oil trade to zero to prevent Tehran from funding its nuclear program and armed groups.
Regarding the latest sanctions, U.S. Treasury Secretary Scott Besant stated that Iran’s leadership is using the country’s vast oil revenues for their narrow and dangerous interests instead of benefiting the people. The U.S. is committed to preventing Iran’s destabilizing activities.
The statement also noted that the Treasury Department has identified companies involved in exporting Iranian oil to China or transporting stored oil from China. The sanctions cover companies and individuals registered in multiple countries, including China and India.
Reuters reported that Iran operates a vast fleet of shadow ships to covertly export oil to China, generating billions