Middle EastOperations

NITC targeted in latest US sanctions against Iran

The US Treasury Department has imposed sanctions against the Iranian oil sector including the oil ministry, oil minister, and the state-owned oil and shipping company in its latest round of sanctions against the country.

The Office of Foreign Assets Control (OFAC) of the US Treasury Department has blacklisted the Iranian Ministry of Petroleum, the National Iranian Oil Company (NIOC), the National Iranian Tanker Company (NITC) as well as several leaders of these entities including petroleum minister Bijan Zanganeh and NITC managing director Nasrollah Sardashti for their alleged financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

VLCCs Longbow Lake and Wu Xian were also blacklisted due to their link to NIOC. VesselsValue data shows the two vessels are owned by China’s Shanghai Tucson Roy Shipping and India’s Green Ocean Ship Management respectively.

“The regime in Iran uses the petroleum sector to fund the destabilizing activities of the IRGC-QF. The Iranian regime continues to prioritize its support for terrorist entities and its nuclear program over the needs of the Iranian people,” said treasury secretary Steven Mnuchin.

Last week, the US also blacklisted six Chinese entities for dealings with Islamic Republic of Iran Shipping Lines (IRISL).

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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