Latest news with #Iran-related
Gulf Insider
02-08-2025
- Business
- Gulf Insider
US Imposes Sweeping New Sanctions On Iranian Shipping Network
The US Treasury Department has announced new sanctions targeting the global shipping interests reportedly controlled by Mohammad Hossein Shamkhani, son of senior Iranian official Ali Shamkhani, in what it described as the most significant Iran-related action since 2018. The sanctions aim to dismantle what Treasury officials called a 'vast network' used to sell Iranian and Russian oil through container ships and tankers operated by front companies and intermediaries. The network, they said, generated tens of billions of dollars used to support the Iranian government. 'These profits have helped prop up the Iranian regime,' the Treasury stated, accusing Shamkhani of leveraging corruption and personal connections in Tehran to evade existing restrictions. In total, the action designates 15 shipping firms, 52 vessels, 12 individuals, and 53 entities involved in sanctions evasion, with operations spanning 17 countries, including Panama, Italy, Hong Kong, the UAE, and the UK. A US official said the measure was 'tailored' to avoid disrupting global oil markets while striking specific targets. 'From our perspective, given where this individual fits, given his connection to the supreme leader and his father's previous sanctions activities, given the Iran-related authorities, it's critically important to emphasize that this is an Iran action that is meaningful and very impactful,' the official said. The EU sanctioned Shamkhani earlier in July for his role in the Russian oil trade, and his father, Ali Shamkhani, was sanctioned by the US in 2020. Tehran condemned the decision as a hostile move, with Foreign Ministry spokesperson Esmail Baghaei calling it a 'blatant assault on the Iranian people and their national dignity,' adding that it reflected 'the hostility of American policymakers towards the Iranian people.' He accused Washington of seeking to 'cripple Iran's development, sow internal discord, and erode the rights and livelihoods of ordinary citizens.' 'The Iranian people, fully aware of the malicious intent of the aggressive sanctioning party …, will stand firm with all their might to safeguard their dignity and interests,' Baghaei said. He criticized the US's 'addiction' to unilateralism and said its measures repeatedly violated 'international law, human rights, and freedom of sovereign trade.' He called for international accountability and reaffirmed Iran's 'unshakeable resolve' to defend its sovereignty and continue its development goals. Sanctioned entities include Sepehr Energy Jahan Nama Pars Company, linked to Iran's Armed Forces General Staff. Among the targeted vessels are Bendigo, Carnatic, Luna Prime, Goodwin, Davina, and Spirit of Casper.
Epoch Times
02-08-2025
- Business
- Epoch Times
US Hits Iranian Shipping Network With Major New Sanctions
WASHINGTON—The U.S. Treasury Department announced fresh sanctions on Wednesday on over 115 Iran-linked individuals, entities, and vessels, in a sign the Trump administration is doubling down on its 'maximum pressure' campaign after bombing Tehran's key nuclear sites in June. The sanctions broadly target the shipping interests of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, who is himself an adviser to Supreme Leader Ayatollah Ali Khamenei. The U.S. Treasury said it was the most significant Iran-related sanctions action since 2018, during President Donald Trump's first administration.
Newsweek
01-08-2025
- Business
- Newsweek
Iran Reacts to New US 'Assault'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Iranian government has vehemently condemned a new round of sanctions by the United States that targeted over 115 individuals, entities and vessels linked to its oil and petrochemical sectors, calling the measures a continuation of Washington's "hostile policy" and an "assault on the Iranian people." The sanctions, announced on Wednesday by the U.S. State Department, represent the latest step in America's "maximum pressure" campaign aimed at crippling Tehran's energy revenue, with the move promoting swift denunciation from Tehran as unjust and provocative. Newsweek has contacted the U.S. State Department and Iran's Foreign Ministry for comment. Why It Matters The sanctions marked the most sweeping U.S. economic action against Iran's energy sector since the Trump administration exited the nuclear deal in 2018, and they followed a major escalation in regional conflict. In June, the U.S. joined Israel in launching coordinated strikes on Iranian targets, significantly disrupting Tehran's nuclear infrastructure. With diplomacy stalled and Iran expanding ties with Russia and China, the sanctions are designed to cripple the financial networks fueling Iran's economy and by extension its power and influence over proxy groups in the region. Possible implications of the move include the further destabilization of global energy markets and a deepening of East–West geopolitical divides. An oil tanker is pictured off the Iranian port city of Bandar Abbas, which is the main base of the Islamic republic's navy and has a strategic position on the Strait of Hormuzon April 30,... An oil tanker is pictured off the Iranian port city of Bandar Abbas, which is the main base of the Islamic republic's navy and has a strategic position on the Strait of Hormuzon April 30, 2019. MoreWhat To Know Iranian authorities on Thursday accused the United States of intensifying economic aggression. Its Foreign Ministry spokesperson Esmail Baqaei said the decision was "clear evidence of the hostility of American decision-makers towards the Iranian people," insisting that Iranians would resist the pressure with resolve. He said the sanctions were designed to "weaken Iran and violate the fundamental rights of every Iranian." Baqaei also accused the Trump administration of suffering from a "chronic addiction to unilateralism" and relying on "pressure tactics in pursuit of illegitimate goals," rhetoric that signals increasing frustration in Tehran as economic and diplomatic tensions mount. Largest U.S. Sanctions Package The new U.S. sanctions are the largest Iran-related measures since 2018, targeting over 115 individuals, entities and vessels linked to the country's petroleum sector. The package focuses on a global shipping network allegedly controlled by Mohammad Hossein Shamkhani, son of a senior adviser to Supreme Leader Ali Khamenei. It designated 20 oil firms, five vessel management companies, one wholesaler, and dozens of actors across 17 countries and regions, including the U.K., Italy, Switzerland, India, the UAE and Hong Kong. The U.S. government said the network laundered billions of dollars in oil and petrochemical revenue, mainly through covert shipments to China. Using foreign passports, shell companies and deceptive maritime tactics, it helped Tehran skirt sanctions. Washington frozen their U.S.-linked assets and blocked access to the American financial system, according to the announcement. What People Are Saying Iranian Foreign Ministry spokesperson Esmail Baqaei: "The Iranian people, aware of the malicious intentions of these aggressor sanctions—whose only purpose is to weaken Iran and violate the fundamental rights of every Iranian—will stand firm with all their might to protect their dignity and interests." An Iranian man works at an oil facility in the Khark Island, on the shore of the Gulf, on February 23, 2016. An Iranian man works at an oil facility in the Khark Island, on the shore of the Gulf, on February 23, 2016. Getty Images U.S. State Department spokesperson Tammy Bruce: "Today's Department of State action is being taken pursuant to Executive Order (E.O.) 13846, which targets Iran's petroleum and petrochemical sectors. It marks the eleventh round of sanctions targeting Iranian oil sales since the President issued National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran." What Happens Next With nuclear diplomacy stalled and U.S. strikes on Iran's nuclear sites still reverberating, the new oil sanctions aim to choke off one of Tehran's most critical revenue streams. By targeting the shipping and export infrastructure behind Iran's petroleum trade, the U.S. is escalating economic pressure at a moment of heightened regional instability. The move threatens to harden Iran's stance, deepen the standoff between Tehran and Washington, and further diminish any realistic prospects for a diplomatic solution.
Time of India
01-08-2025
- Business
- Time of India
US sanctions six Indian firms over Iranian petrochemical imports
The USA has imposed sanctions on at least six India-based companies, accusing them of imported Iranian petrochemical products worth millions of dollars. The action is part of its latest Iran-related sanctions targeting several global entities allegedly engaged in trade of Iranian oil, petroleum products, and petrochemicals. Chennai -based Kanchan Polymers and five Mumbai -based firms-Alchemical Solutions (also known as Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals, and Persistent Petrochem -are in the sanctions list issued by the state department as well as the office of foreign assets control (OFAC) on Wednesday (Thursday morning in India). The biggest accusation is against Alchemical Solutions , which allegedly purchased and imported Iranian-origin petrochemical products-which are under US sanctions-worth over $84 million from multiple companies between January and December 2024. Global Industrial is accused of importing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025, while Jupiter Dye Chem is accused of importing products, including toluene, worth over $49 million between January 2024 and January 2025. Ramniklal allegedly imported Iranian petrochemical products, including methanol and toluene, worth over $22 million between January 2024 and January 2025. Persistent Petrochem allegedly imported approximately $14 million worth of Iranian petrochemicals from multiple companies, including Bab Al Barsha, a UAE-based commodities trading company, with shipping dates between October 2024 and December 2024. Kanchan Polymers is accused of importing over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading. These Indian firms have been designated under section 3(a)(iii) of executive order 13846 for "knowingly engaging" in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanctions also block an entity or company which is 50% or more owned by a person or company that is already blocked. Iran Protests Reacting to the development, the Iranian embassy in India on Thursday criticised the US for weaponising economy by imposing sanctions on independent nations like Iran and India. "The United States continues to weaponise the economy and use #sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development," the embassy said in a post on X shared via its official handle @Iran_in_India.
Time of India
31-07-2025
- Business
- Time of India
US sanctions six Indian firms over Iranian petrochemical imports
The USA has imposed sanctions on at least six India-based companies, accusing them of imported Iranian petrochemical products worth millions of dollars. The action is part of its latest Iran-related sanctions targeting several global entities allegedly engaged in trade of Iranian oil, petroleum products, and petrochemicals. Explore courses from Top Institutes in Please select course: Select a Course Category Others Data Science PGDM MCA Technology others Data Science Leadership Project Management Product Management Operations Management Digital Marketing Cybersecurity Design Thinking Healthcare MBA Finance healthcare Management CXO Degree Data Analytics Public Policy Artificial Intelligence Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Chennai -based Kanchan Polymers and five Mumbai -based firms-Alchemical Solutions (also known as Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals, and Persistent Petrochem -are in the sanctions list issued by the state department as well as the office of foreign assets control (OFAC) on Wednesday (Thursday morning in India). The biggest accusation is against Alchemical Solutions , which allegedly purchased and imported Iranian-origin petrochemical products-which are under US sanctions-worth over $84 million from multiple companies between January and December 2024. Global Industrial is accused of importing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025, while Jupiter Dye Chem is accused of importing products, including toluene, worth over $49 million between January 2024 and January 2025. Ramniklal allegedly imported Iranian petrochemical products, including methanol and toluene, worth over $22 million between January 2024 and January 2025. Persistent Petrochem allegedly imported approximately $14 million worth of Iranian petrochemicals from multiple companies, including Bab Al Barsha, a UAE-based commodities trading company, with shipping dates between October 2024 and December 2024. Kanchan Polymers is accused of importing over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading. These Indian firms have been designated under section 3(a)(iii) of executive order 13846 for "knowingly engaging" in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanctions also block an entity or company which is 50% or more owned by a person or company that is already blocked. Iran Protests Reacting to the development, the Iranian embassy in India on Thursday criticised the US for weaponising economy by imposing sanctions on independent nations like Iran and India. "The United States continues to weaponise the economy and use #sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development," the embassy said in a post on X shared via its official handle @Iran_in_India. Economic Times WhatsApp channel )
