Fifth round of designations against Iranian petroleum trade.
The Office of Foreign Assets Control at the Department of the Treasury recently sanctioned 13 companies for their facilitation in the sales of Iranian petroleum products. The U.S. first banned the sale of Iranian oil in 1979, when the Islamic Revolution took place in that country. Since Iran sits on top of one of the largest oil fields in the world, officials in that nation do whatever they can to evade the sanctions to keep their economy going.
“Today’s action further demonstrates the complex sanctions evasion methods Iran employs to illicitly sell petroleum and petrochemical products,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson. “The United States will continue to implement sanctions against those actors facilitating these sales.”
As the Lord Leads, Pray with Us…
- For OFAC officials as they monitor and place sanctions upon nations and entities supporting terrorism.
- For Under Secretary Nelson as he heads the Treasury office for terrorism and financial intelligence.
Sources: Department of Treasury
