Trump targets Iranian oil trade with tough new sanctions
US President Donald Trump announced that all buyers of Iranian oil will be subject to secondary sanctions, according to the AP agency. He added that any person or country purchasing crude oil or petrochemical products from Iran will be barred from conducting any business with the United States.
"All purchases of Iranian Oil, or Petrochemical products, must stop, NOW!" Donald Trump wrote on the social media platform Truth Social.
Trump threatens secondary sanctions
Anyone who "buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions. They will not be allowed to do business with the United States of America in any way, shape, or form," he warned.
AP recalled that data published last fall by institutions monitoring tanker movements indicated that China was the recipient of 90% of Iranian oil in 2023.
In February, Trump reinstated the "maximum pressure" campaign on Iran, aiming to completely halt Iranian oil exports and lead Tehran to abandon its pursuit of nuclear weapons.
Trump also began negotiations with Iran last month regarding its nuclear program. His administration believes that Iran is attempting to develop a nuclear bomb, an accusation that Tehran has denied.
Trump's move aimed at China
The US President said he would prefer to reach an agreement with Iran, one of the largest oil producers within the OPEC countries. During his first term, Trump withdrew the US from the nuclear deal negotiated with Iran by President Barack Obama.
Trump's comments are clearly aimed at China, which imports over a million barrels per day from Iran, said Scott Modell, CEO of the consultancy firm Rapidan Energy.
Reuters, citing industry analysts, noted that to effectively eliminate Iranian oil exports, the United States would need to impose secondary sanctions on entities such as Chinese banks, which facilitate the purchase of Iranian oil.
