Biden Administration Readies New Sanctions Targeting Iran’s Oil Exports
- Treasury says the move targeted a network of companies
- The move is part of a broader plan to ramp up Iran sanctions
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The US imposed sanctions on a Chinese crude-oil storage operator and nine other entities accused of violating restrictions on Iranian oil exports, as the Biden administration looks for ways to sever a financial lifeline and press Tehran to return to the 2015 nuclear deal.
The sanctions targeted Zhonggu Storage and Transportation Co. Ltd., a company that “provides a vital conduit for the Iranian petroleum trade,” the State Department said in a statement. Nine other entities from China, Hong Kong, Iran, India and the United Arab Emirates were also targeted, it said.