1 month ago
 "Oil refinery, Oil production, Crude oil")
The Treasury claimed Iran's oil exports are enabled by a network of illicit shipping facilitators. | Representative Photo: Bloomberg
An Indian shipping firm is among the dozen-odd companies sanctioned by the US for allegedly carrying Iranian oil for sale to buyers in Asia days after slapping restrictions targetting Iran's energy trade for its October 1 attack on Israel.
Gabbaro Ship Services, the India-based company, was involved in the transport of Iranian petroleum as the technical manager of crude oil tanker Hornet and knowingly engaged in a significant transaction for the transport of petroleum from Iran as part of a 'Ghost Fleet', the State Department alleged.
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The latest American sanctions against several companies across the world comes in response to Iran's October 1 ballistic missile attack against Israel.
This attack targeted Israel's most populated city, Tel Aviv, and could have killed hundreds if not thousands of innocent people, US Security Advisor Jake Sullivan said.
Following that attack, the US had made it clear that Iran would face severe consequences, he said, and added, the Departments of the Treasury and State on Friday announced the new and significant measures to more effectively target Iran's energy trade.
The new designations today also include measures against the 'Ghost Fleet' that carries Iran's illicit oil to buyers around the world. These measures will help further deny Iran financial resources used to support its missile programmes and provide support for terrorist groups that threaten the United States, its allies, and partners, Sullivan said.
The Treasury claimed Iran's oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions which, through obfuscation and deception, load and transport Iranian oil for sale to buyers in Asia.
Prominent among them include United Arab Emirates-based Max Maritime Solutions FZE (Max Maritime), which used vessels under its management to conduct multiple ship-to-ship transfers of Iranian oil with vessels affiliated with the US-designated Iranian Tanker Company (NITC), it alleged.
The NITC moves Iranian oil for Iranian Oil Company (NIOC) to transport it to refineries in the China.
Among the companies sanctions by the State Department are Suriname-based Strong Roots Provider NV, Glazing Future Management NV, Engen Management NV; India-based Gabbaro Ship Services Pvt Ltd; Malaysia-based Alya Marine Sendirian Berhad, and Hong Kong-based Celia Armas Ltd.
Secretary of the Treasury Janet L Yellen said, Today's sanctions target Iranian efforts to channel revenues from its energy industry to finance deadly and disruptive activity with dangerous consequences for the region and the world.
Yellen described deadly and disruptive activity as those including development of Iran's nuclear programme, the proliferation of ballistic missiles and unmanned aerial vehicles, and support to regional terrorist proxies. We will not hesitate to take further action to hold Iran accountable, she said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
