New U.S. Sanctions Against CEO of National Iranian Oil Company and Several Companies and Tankers

The U.S. Departments of State and Treasury have imposed new sanctions on several individuals, companies, and tankers associated with the transportation and sale of Iranian oil products. The State Department's sanctions include 16 companies and vessels, while the Treasury's sanctions involve over 30 individuals, companies, and vessels, with some being repeated in both lists. The U.S. State Department emphasized that 'the Iranian regime continues to destabilize global security with nuclear threats, ballistic missile programs, and support for terrorist groups.' The statement highlighted that the new sanctions are part of the Trump administration's maximum pressure campaign against Iran to prevent the regime from accessing revenues 'that it uses to finance destabilizing activities.' The State Department's sanctions include the Iranian company 'Petro Refining Kangan' and eight companies based in India, the UAE, Seychelles, and Malaysia, along with seven related vessels. On Monday, the Office of Foreign Assets Control (OFAC) of the U.S. Treasury also announced its sanctions list against several individuals, entities, and vessels linked to Iran's 'shadow fleet,' which refers to ships that help Russia, Iran, and some other countries continue to export oil secretly and circumvent sanctions. One of the individuals on this list is Hamid Bord, Deputy Minister of Oil and CEO of the National Iranian Oil Company. Abbas Asadrooz, CEO of the Oil Terminals Company, Gholamhossein Gerami, head of the South Pars Gas Condensate Terminal, Ali Miri, head of the Khark Oil Terminal, and Ali Maalemi, head of the Northern Oil Terminal, are also included. These individuals are considered official representatives of the Ministry of Oil in the government of Masoud Pezeshkian. The Iranian Oil Terminals Company, which has also been included in the new sanctions list, oversees all operations at Iran's oil terminals, including the Khark Island terminal, through which most of Iran's oil passes, and the South Pars liquefied gas terminal, which accounts for 100% of Iran's gas condensate exports. New U.S. sanctions against Iran's oil transfer network to China have also been announced. Additionally, oil brokers in the UAE and Hong Kong, as well as operators and tanker managers in India and China, have been added to the new U.S. sanctions. The U.S. Treasury stated that the sanctioned vessels transport tens of millions of barrels of crude oil worth hundreds of millions of dollars. These sanctions represent the second phase of actions against Iran's oil sales since the issuance of a national security order by U.S. President Donald Trump. About three weeks ago, Trump reinstated his 'maximum pressure' campaign against Iran, which includes efforts to reduce Iran's oil exports to zero and the strict policies enforced during the previous administration. Under the new U.S. sanctions, any business dealings by U.S. individuals or companies with the sanctioned individuals and entities are prohibited, and any of their assets in the United States are blocked. The U.S. Treasury Secretary emphasized that 'Iran continues to rely on a clandestine network of ships, transportation companies, and brokers to sell oil and finance its destabilizing activities.' Scott Busent stated that his department will use all available tools to target Iran's oil supply chain, and anyone who trades Iranian oil will expose themselves to significant sanctions. He had also promised in a television interview on February 15 that the goal of the Trump administration's 'maximum pressure' campaign is to reduce Iran's oil exports to 10% of current levels. Busent believes that a drop in oil exports to 100,000 barrels would place Iran in a 'severe economic crisis.' The new sanctions target key sectors of the Iranian economy to limit the government's financial resources for its nuclear and missile programs. The U.S. Energy Information Administration estimated in its October 2024 report that Iran earned $253 billion from oil sales between 2018 and 2024 during the presidencies of Joe Biden and Donald Trump. Trump had brought Iran's oil exports close to zero during part of his first term. However, under the Biden administration, Iran managed to increase its oil exports again by circumventing sanctions, and Trump had accused Biden of not enforcing oil export sanctions strictly. OPEC data shows that Iran's oil production reached its highest level since 2018 in 2024. Oil is one of Iran's main sources of revenue, and the aim of targeting the country's oil exports is to prevent financing for Iran's nuclear and missile programs.