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US sanctions 35 entities tied to Iranian oil trade

03 December 2024 19:59 (UTC +04:00)

The United States government announced today that it has imposed sanctions on 35 entities and vessels involved in the transport of Iranian petroleum, APA reports citing Investing.com.

The sanctions follow an attack by Iran against Israel on October 1, 2024, and Iran's subsequent nuclear escalations. They build upon earlier sanctions issued on October 11, 2024.

The entities sanctioned include a network of tankers and ship management firms across multiple jurisdictions, known for using deceptive practices such as manipulating vessel tracking systems, changing vessel names, and using false documentation. Among the vessels named are the Marshall Islands-flagged JAYA, Guyana-flagged PHONIX, and the Cook Islands-flagged BERTHA, among others.

Several companies managing these vessels have been designated under the executive order, including UAE-based Galileos Marine Services L.L.C, Panama-based Ocean Glory Giant OGG SA, India-based Vision Ship Management LLP, and others. These entities are accused of managing ships that transported Iranian oil, evading sanctions through various means.

The sanctions result in the blocking of any U.S. assets held by these entities and generally prohibit all transactions involving these entities by U.S. persons or within the United States. The enforcement of these sanctions could also lead to penalties for U.S. persons who violate them and for non-U.S. persons who attempt to cause U.S. persons to engage in sanctioned activities.