World ECR | Oil industry targeted by expanded U.S. sanctions
Home > information > US expands sanctions on Iran to target oil industry After Tehran attacked Israel on October 1, the United States announced expanded sanctions targeting Iran's oil and petrochemical industries. "This action intensifies financial pressure on Iran and limits the regime's ability to earn critical energy revenue, thereby destabilizing the region and attacking U.S. partners and allies," it explained. The U.S. Treasury Department said in a statement on October 11: “The Secretary of the Treasury, in consultation with the Secretary of State, is determining the petroleum and petrochemical sectors of the Iranian economy that are permitted under Section 1(a)(i) of Executive Order (EO) 13902. Treasury targeted broader activities related to trade in Iranian oil and petrochemicals. 'EO 13902 authorizes the identification and imposition of sanctions against key sectors of Iran's economy to prevent the Iranian government from providing financial resources that could be used to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks,…
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