New US sanctions target Iran's secret oil‑smuggling fleet
The United States administration announced on Wednesday the imposition of new sanctions on 35 entities and ships connected to Iran's "shadow fleet" involved in the illegal export of oil.
8:37 AM EST, December 4, 2024
As reported by Reuters on Wednesday, U.S. authorities have targeted these 35 entities and vessels linked to Iran's "shadow fleet."
"Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilizing the region," stated Bradley Smith, Deputy Assistant Secretary of the Treasury for Terrorism and Financial Intelligence.
The new sanctions come just weeks before the inauguration of President Donald Trump. The Joe Biden administration has long faced criticism from Republicans and Iranian opposition groups for what they see as insufficient enforcement of oil sanctions against the Islamic Republic of Iran. The Polish Press Agency reminds us that during Donald Trump's presidency, pressure on Tehran reduced oil exports to 300,000 barrels per day. However, by August of last year, Iranian oil exports had risen to over 2.2 million barrels per day.
Since then, exports have systematically decreased, mainly due to reduced purchases by Iran's main client, China. In September, exports amounted to 1.8 million barrels per day; in October, they fell to 1.5 million, and in November, to 1.3 million.
According to Reuters, citing information from Western intelligence, Iran and allied Iraqi militias, who also conduct illegal oil exports, earn between one billion to three billion dollars annually from illegal fuel trading.
