On Monday, the United States implemented sanctions targeting a number of individuals and oil tankers across various nations including China, the United Arab Emirates, and India. These measures were taken in response to alleged activities supporting Iran and its affiliated militant groups, which have been responsible for assaults against the U.S. and its allies.
The U.S. Treasury and State Departments announced restrictions on over 30 individuals and vessels. Among those sanctioned are top officials from Iran’s National Iranian Oil Company and the Iranian Oil Terminals Company, all of whom were implicated in facilitating the sale and transport of Iranian oil. According to the Treasury, these designated vessels handle crude oil worth hundreds of millions of dollars.
This marks the second enforcement of sanctions against Iranian oil exports following President Donald Trump’s issuance of National Security Presidential Memorandum 2. This directive emphasizes the objective of reducing Iran’s oil exportation to zero and asserts that Iran must not gain the capacity to develop nuclear weapons.
When the memorandum was announced in February, Trump expressed hope that it would not need to be used extensively. He remarked on the possibility of negotiating a deal with Iran, stating, “We don’t want to be tough on Iran. We don’t want to be tough on anybody,” yet emphasized that Iran could not be permitted to possess a nuclear bomb. Furthermore, Trump mentioned his commitment to retaliate decisively against Iran should a threat be posed to his life.
Treasury Secretary Scott Bessent highlighted the U.S.’s readiness to employ a comprehensive range of tools to undermine Iran’s oil supply chain, warning that individuals engaging in Iranian oil trade face substantial risks of sanctions. During his confirmation hearing, Bessent openly criticized the current administration’s approach to sanctions and advocated for a more robust strategy that intensifies efforts against both Iranian and Russian oil interests.
An upcoming report from the U.S. Energy Information Administration predicts that Iran has generated approximately $253 billion in oil revenue spanning both the Biden and Trump administrations, from 2018 to 2024. In a statement, State Department spokeswoman Tammy Bruce declared that the U.S. will continue to leverage all available resources to hold Iran accountable as long as it channels its energy revenues into financing attacks on American allies, supporting global terrorism, or engaging in other destabilizing conduct.
