US deepens sanctions on Iran's 'shadow' oil fleet

WASHINGTON (Reuters) - The Biden administration on Tuesday ramped up its sanctions on Iran, targeting 35 entities and vessels that it said transported illicit Iranian petroleum to foreign markets as part of what the U.S. Treasury Department called Tehran's "shadow fleet."

The sanctions build on those previously imposed on Oct. 11 and come in response to Iran's Oct. 1 attack on Israel and to its announced nuclear escalations, the U.S. Department of Treasury said in a statement.

“Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilizing the region,” Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith said in a statement.

“The United States remains committed to disrupting the shadow fleet of vessels and operators that facilitate these illicit activities, using the full range of our tools and authorities," Smith added.

Such sanctions target key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs. The move generally prohibits any U.S. individuals or entities from conducting any business with the targets and freezes any U.S.-held assets.

Source: Investing.com