US expands sanctions against Iran following attack on Israel

WASHINGTON

The US expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s Oct. 1 attack on Israel, the Treasury Department said on Friday. -

"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 department said in a statement.

It added the petroleum and petrochemical sector to an existing executive order that targets key sectors of Iran's economy to deny the Iranian government financial resources that may be used to fund and support its nuclear program.

The Treasury sanctioned 10 entities and identified 17 vessels as blocked property for their involvement in shipments of Iranian petroleum and petrochemical products in support of US-designated entities National Iranian Oil Company or Triliance Petrochemical Co. Limited.

Separately, the State Department said it imposed sanctions on six entities engaged in Iranian petroleum trade and identifying six vessels as blocked property.

"As long as Iran devotes its energy revenues to funding attacks on our allies, supporting terrorism around the world, and pursuing other destabilizing actions, we will continue to use all the tools at our disposal to hold it accountable.

"These measures will be reinforced by ongoing close coordination with partners and allies to address and counter Iran’s actions," Secretary of State Antony Blinken said in a statement.

Meanwhile, National Security Advisor Jake Sullivan said the new designations also include measures against the “Ghost Fleet” that carries Iran’s "illicit" oil to buyers around the world.