US sanctions Iran’s state oil sector, petroleum minister

The administration of US President Donald Trump has imposed a fresh round of sanctions on a number of Iranian individuals and entities affiliated with the Islamic Republic’s oil sector, including Minister of Petroleum Bijan Zangeneh.

The US Treasury Department made the announcement in a statement on Monday, saying the sanctions targeted eight officials and entities as well as the National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC).

The British-based companies of Madanipour, Mobin Holding Limited and Oman Fuel Trading Ltd were also blacklisted.

Treasury Secretary Steven Mnuchin said Washington was slapping sanctions on “key actors” in Iran’s oil sector for what he claimed was supporting the Quds Force of Iran’s Islamic Revolution Guards Corps (IRGC), which has already been blacklisted.

The Treasury also said that four of the individuals were accused of being involved in the recent sale of Iranian gasoline to the government of Venezuelan President Nicolas Maduro.

Venezuela: Aggressive US sanctions won’t hinder free trade with Iran

Venezuela says the new US sanctions will not prevent Caracas from forging economic relations with Iran or any other states.

Under the imposed sanctions, as the statement said, all the property and interests in possession of these persons would be blocked, and US citizens would be prohibited from engaging in transactions with them.

Zanganeh: Sanctions sign of failure of Washington's policy

In a tweet later on Monday, Iran's oil minister reacted to new US sanctions, saying that imposition of new bans "is a passive reaction to the failure of Washington's policy of reducing [Iran's] crude oil exports to zero."

Zanganeh said he has "no assets outside of Iran to be subject to the sanctions," emphasizing that "Iran's oil industry will not be hamstrung" by US sanctions.

Imposition of sanctions on me and my colleagues is a passive reaction to the failure of Washington's policy of reducing [Iran's] crude oil exports to zero.
The era of unilateralism is over in the world. Iran's oil industry will not be hamstrung.

— Bijan Zanganeh (@BijanZanganeh) October 26, 2020

The US, under Trump, unleashed a so-called maximum pressure campaign against Iran in 2018, when it unilaterally left the 2015 multilateral nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA).

Following its withdrawal, Washington targeted the Iranian nation with the “toughest ever” economic sanctions in order to bring it to its knees, but the country’s economy keeps humming and is getting back on its feet.

US targets Iran's financial sector, imposes sanctions on 18 banks

The United States has targeted Iran’s financial sector by imposing sanctions on 18 Iranian banks, in defiance of Europe’s humanitarian objections.

The new sanctions is an escalation of Washington’s futile bid to force Iran into new negotiations over its nuclear program, with US reports saying the new sanctions are aimed at closing the few remaining financial loopholes allowing Iran to earn revenue, and stymie Democratic presidential candidate Joe Biden’s promise to return to the nuclear deal if he wins the presidency in November.

The Trump administration has also recently accused Iran of interference in US elections.

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