US expanded economic sanctions on Iran with petroleum and petrochemical sectors declared off-limits

The US Treasury Department has expanded its economic sanctions on Iran, specifically targeting the country’s petroleum and petrochemical sectors, in response to the recent attack on Israel. The new measures aim to limit Iran’s ability to finance destabilizing activities in the region.

In addition to these sanctions, the Treasury and State Departments have sanctioned 23 vessels and 16 entities linked to Iran’s so-called "ghost fleet," which is used to covertly export Iranian oil.

A key part of the expanded sanctions is the newly introduced Stop Harboring Iranian Petroleum (SHIP) Act, which targets ports and refineries that process unauthorized Iranian oil. Furthermore, under the Iran-China Energy Sanctions Act, penalties have been imposed on Chinese financial institutions involved in transactions related to Iranian oil.

Written by: Muhammad Hafiz