US hits Iran oil sector with new sanctions after attack on Israel

By Michael Stratford | 10/15/2024 06:26 AM EDT

The Treasury and State departments said they were sanctioning entities and vessels that are part of Iran’s “shadow fleet.”

The Biden administration on Friday announced a fresh round of sanctions targeting Iran’s oil exports in retaliation for its direct missile attack on Israel earlier this month.

The Treasury Department said it was sanctioning 10 entities and 17 vessels that are part of a “shadow fleet” that enables Iran to ship oil for sale in other countries, including China. The State Department is also sanctioning six entities and six vessels.

The combined actions, Treasury said in a statement, “target a significant portion of the shadow fleet of tankers and illicit operators that move the Iranian regime’s petroleum exports.”

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The new sanctions targeting Iran, which is already the subject of extensive restrictions, sanctions, come as the White House seeks to impose severe consequences against Tehran for the attack while also pressing Israel to limit its response. President Joe Biden has discouraged Israel from attacking Iran’s nuclear sites and oil fields.

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