The Biden administration has announced a new round of sanctions against Iran, vowing to impose financial penalties on a “regular basis” in an effort to “severely restrict” Iranian oil and petrochemical exports.
The measures announced on Thursday target several firms and “front companies” based in China, the United Arab Emirates, Hong Kong and India that the United States accuses of involvement in the sale of Iranian petroleum and petrochemical products.
The administration of US President Joe Biden also explicitly linked the sanctions to the failure to revive the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA).
“The United States is committed to severely restricting Iran’s illicit oil and petrochemical sales,” Treasury Department official Brian Nelson said in a statement.
“So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products.
The penalties freeze the companies’ assets in the US and make it illegal for American citizens to do business with them.
Since former US President Donald Trump withdrew from the nuclear deal in 2018, various sectors of the Iranian economy have been under heavy US sanctions.
In response, Iran has been advancing its nuclear programme, including uranium enrichment, well beyond the limits set by the agreement.
Stay tuned for further updates.
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