Treasury Sanctions Iranian Oil Minister, Shadow Fleet Operators

Excerpt:  “Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Iran’s Minister of Petroleum, Mohsen Paknejad, who oversees the export of tens of billions of dollars’ worth of Iranian oil and has allocated billions of dollars’ worth of oil to Iran’s armed forces for export. OFAC is also designating several entities in multiple jurisdictions, including the People’s Republic of China (PRC) and India, for their ownership or operation of vessels that have delivered Iranian oil to the PRC, or lifted Iranian oil from storage in Dalian, PRC. Today’s sanctions apply further pressure on the ‘shadow fleet’ and other vessels upon which Iran depends to deliver its oil to the PRC, advancing United States’ commitment to reduce Iran’s oil exports to zero.”