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US Aims to Target Iranian Oil in Latest Sanctions

OIL

Further sanctions against Irans oil sector were included in the foreign aid bill passed by the US House at the weekend.

  • The legislation would widen Iranian sanctions to include foreign ports, vessels, and refineries that knowingly process or ship Iranian crude in violation of existing US sanctions.
  • It would also extend to cover secondary sanctions to cover transactions between Chinese financial outlets and sanctioned Iranian banks to purchase oil and oil products.
  • Around 80% of Iran’s 1.5mn bpd of oil exports are heading to Chinese independent refiners.
  • US officials like Janet Yellen have denied that the US turned a blind eye to Iranian oil flows last year in a bid to keep barrels on the market and keep a lid on prices.
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