U.S. Expands Economic Sanctions on Iran in Wake of Israeli Missile Attack
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Roshan Amiri
- . October 12, 2024
- . Update: October 12, 2024 3:57 pm
On Friday, the United States announced additional sanctions on Iran’s energy sector following its attack on Israel on October 1st, during which around 180 missiles were launched into the country. Iran stated that the missile strike was in response to a series of significant strikes by Israel on the Iran-supported militant organisation Hezbollah in Lebanon. This group had been launching rockets into Israel since the start of the conflict in Gaza.
The Treasury Department said in a statement, “This action intensifies financial pressure on Iran, limiting the regime’s ability to earn critical energy revenues to undermine stability in the region and attack U.S. partners and allies”
The Treasury Department is designating 16 entities and identifying 17 vessels as blocked property because of their participation in transporting Iranian petroleum and petrochemical products to support the National Iranian Oil Company, as stated in the announcement. The State Department has declared that it is imposing sanctions on six more companies and six vessels for, “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.”
The ships and companies sanctioned Friday are based in the United Arab Emirates, Liberia, Hong Kong and other areas. These entities are in charge of concealing and shipping Iranian oil to Asian buyers for sale.
The U.S State Department identified a group of businesses located in Suriname, India, Malaysia and Hong Kong for purportedly blending the purchase and shipment of oil and oil-related items from Iran.
The sanctions are a part of the U.S. reaction to Iran’s assault, during which it fired about 200 ballistic missiles at Israel in response to the assassination of militant leaders supported by Tehran and a general from Iran’s Revolutionary Guards.
Israel has stated that it would respond to Iran’s second direct attack on its territory this year as “deadly, precise, and surprising.” Last week, reporters were told by the U.S. President Joe Biden that Israel might want to think about “options other than attacking oil fields,” in response to reports that Israel was considering such action.
Janet Yellen, the Treasury Secretary, stated on Friday that the United States “will not hesitate to take further action to hold Iran accountable.
