As part of these sanctions, the U.S. Treasury and State departments targeted over 30 individuals and vessels, including leaders from the National Iranian Oil Company and the Iranian Oil Terminals Company, for their involvement in negotiating the sale and transport of Iranian crude oil. The Treasury has indicated that the sanctioned ships are responsible for moving oil worth hundreds of millions of dollars.
This move marks the second round of sanctions placed on Iranian oil sales following President Donald Trump’s issuance of the National Security Presidential Memorandum 2. This directive aims to reduce Iran’s oil exports to zero and emphasizes that Iran “must never be permitted to acquire or develop nuclear weapons.” When the memorandum was signed in February, Trump expressed hope that it would not need to be utilized extensively, stating, “We will see whether or not we can arrange or work out a deal with Iran.” He also voiced his sentiments about not wanting to be excessively harsh on Iran but insisted that they cannot develop nuclear weapons.
Trump further articulated that he had instructed his advisors to take strong measures against Iran if it were to carry out an assassination attempt on him. Treasury Secretary Scott Bessent stated that the U.S. intends to utilize all available mechanisms to target every aspect of Iran’s oil supply chain, warning that any involvement in Iranian oil trade puts entities at a significant risk of facing sanctions.
During his confirmation hearing, Bessent critiqued the current administration’s approach to sanctions, advocating for a more stringent and proactive stance towards Iranian and Russian entities engaged in oil activities. A report from the U.S. Energy Information Administration projected that Iran generated approximately $253 billion in oil revenue during the terms of both Presidents Joe Biden and Trump, spanning from 2018 to 2024.
Additionally, State Department spokesperson Tammy Bruce articulated that as long as Iran continues to use its energy revenues to finance attacks on American allies and support global terrorism, the U.S. will employ every tool at its disposal to hold the Iranian regime accountable for its destabilizing actions.
