New Round of US Sanctions Against Individuals Involved in Purchasing Iranian Oil

The US State and Treasury Departments under Donald Trump announced a new round of sanctions against individuals and entities involved in the buying and selling of Iranian oil. A spokesperson for the US State Department announced on Thursday, March 30, that the department has added a terminal in China to its sanctions list due to 'purchasing and storing Iranian oil from a sanctioned tanker.' At the same time, the US Treasury Department also sanctioned a small private oil refinery in China for 'purchasing and refining hundreds of millions of dollars worth of Iranian crude oil.' The new sanctions also include 12 legal entities and one individual, and identify eight tankers that have delivered millions of barrels of Iranian crude oil to China. Small private refineries in China are currently the main buyers of Iranian oil. Reuters described these sanctions, announced on Thursday, as the fourth round of sanctions imposed since the new US administration announced the resumption of its 'maximum pressure' policy. Bloomberg reported two weeks ago that the flow of oil from Iran to China has decreased due to 'increased costs and risks' associated with trading with Tehran. According to 'managers' of these private Chinese refineries, oil loading from sellers has been 'disrupted' in recent weeks. The announcement of new sanctions is expected to further undermine the Iranian government's ability to generate revenue from oil sales. Earlier in March, the US State and Treasury Departments also imposed sanctions on several individuals, companies, and tankers related to the transportation and sale of Iranian oil products. Oil is one of Iran's main sources of income, and the aim of obstructing Iranian oil exports is to prevent financing for the Islamic Republic's nuclear and missile programs.