Latest news with #SepehrEnergy
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First Post
16-05-2025
- Business
- First Post
China buys oil from Iran, Trump's treasury goes after Hong Kong banks for facilitating shipments
According to the Trump administration, revenue from the oil sales was used to fund Iran's ballistic missile and drone programs, support nuclear proliferation, and enable Houthi attacks on Red Sea shipping routes, the U.S. Navy, and Israeli targets. read more As part of the Trump administration's 'maximum pressure' campaign against Iran, the US Treasury Department has imposed sanctions on over 20 companies accused of facilitating the shipment of Iranian crude oil worth billions to China. These sanctions target groups involved in Iran's alleged illicit oil trade including multiple Hong Kong-based entities alleged to be front companies for Sepehr Energy, a commercial affiliate of Iran's Armed Forces General Staff. These companies reportedly brokered crude oil deliveries to Chinese independent refineries, known as 'teapots,' and funnelled proceeds back to Iran to support its ballistic missile programs and regional terrorist groups. STORY CONTINUES BELOW THIS AD The US Treasury delegation also met with Hong Kong banks in April to warn them against facilitating Iran oil shipments to China just a month before sanctioning nine non-bank entities in the city allegedly involved in such trades, according to people familiar with the matter told Bloomberg. The delegation emphasised the risks of engaging in transactions related to Iran's oil trade, highlighting potential sanctions and reputational damage. The sanctions also target Sepehr Energy's fleet of old 'shadow fleet' tankers. This crackdown marks a strategic move to curtail Iranian oil exports amidst ongoing nuclear negotiations and represents a tougher stance than the previous Biden administration. Trump pushes diplomacy but warns of more Iran sanctions President Trump expressed hopes for a diplomatic resolution but warned of intensified pressure if Iran rejects this approach, accusing it of funding Tehran's ballistic missile and drone programs, nuclear proliferation, and Houthi attacks on maritime traffic in the Red Sea. Trump's administration said the move is part of a broader effort to curb Iran's support for terrorism and weapons proliferation. However, China criticised the US sanctions, accusing Washington of unlawfully extending its jurisdiction and undermining global trade norms. The US State Department said that the targeted network helped ship oil worth billions of dollars on behalf of Iran's Armed Forces General Staff. The oil sales generated billions of dollars used to finance Iranian military activities and attacks by the Houthi militant group in the Red Sea, as well as aggression against the US\ Navy and Israel. 'The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons,' Treasury Secretary Scott Bessent said in a statement. Pressure on Chinese Banks While recent US actions have ramped up pressure on both Iran and China, experts say a broader impact would require sanctions on major Chinese financial institutions. In a possible sign of escalation, the U.S. Treasury's Office of Foreign Assets Control (OFAC) used a counterterrorism authority for its latest sanctions—a legal tool that offers broader flexibility in targeting foreign entities. Jeremy Paner, a partner at Hughes Hubbard & Reed and former OFAC investigator, told Reuters that the move may be aimed at increasing indirect pressure on Beijing. 'I believe today's actions are more about triangulation by exerting pressure on China to convince Iran to accept a deal,' he said. He added that Chinese banks are well aware of their exposure under US sanctions law, especially when counterterrorism provisions are involved. STORY CONTINUES BELOW THIS AD Despite the sanctions and tensions, both Tehran and Washington maintain that they favour a diplomatic resolution to the long-running nuclear dispute. However, fundamental disagreements such as Iran's uranium enrichment program continue to block progress in the talks.
Mint
14-05-2025
- Business
- Mint
Crude oil prices recover 13% from May lows to reach 2-week high. What's fueling the rebound?
Crude oil prices, which had come under pressure earlier this month due to fears of a global economic slowdown amid rising trade tensions, geopolitical tensions, and supply concerns, have since stabilized, fueling a rebound in both Brent and WTI futures. Brent crude futures retreated in Wednesday's session, dropping 0.72% to a low of $66.15 per barrel. However, they have recovered nearly 12% from the May 5 low of $59.57 to trade at 2-week high of $66.49. Likewise, WTI crude futures have reached 2-week high of $63.5 per barrel after rebounding nearly 13% from the May 5 low of $56.46. The majority of the rebound in crude oil prices has been driven by optimism over easing global trade tensions, which has boosted expectations that demand for crude oil may not be as severely impacted as feared earlier this month. The U.S. is currently engaged in active discussions with several major trading partners to finalize trade deals, the latest being announced with China and the United Kingdom. The U.S. and the U.K. struck a trade deal last week, and optimism improved further when the U.S. and China announced on Monday a 90-day pause in their trade war. This pause involves rolling back reciprocal tariffs and removing other measures while they negotiate a more permanent arrangement. Overnight data showed softer-than-expected U.S. consumer inflation, sending the U.S. dollar down by 1%. The dollar is currently hovering around the 100 mark, making dollar-denominated commodities more attractive. Data released Tuesday showed headline inflation eased to 2.3% in April, its lowest level since February 2021, and slightly below market forecasts of 2.4%. With U.S. inflation data now behind the markets, the next major signal for the U.S. economy is April retail sales data, due Thursday. On the same day, talks are scheduled between Ukraine and Russia in Istanbul, raising hopes for a ceasefire three years into Europe's deadliest conflict since World War Two. On Tuesday, the U.S. imposed fresh sanctions on about 20 companies it accused of helping Iran's Armed Forces General Staff and its front company, Sepehr Energy, ship Iranian oil to China. The move follows the fourth round of U.S.-Iran talks in Oman aimed at resolving disputes over Iran's nuclear program. API data showed that crude inventories surged by 4.29 million barrels last week—the largest increase in six weeks—defying forecasts of a 2.4-million-barrel drop. However, gasoline inventories fell by 1.4 million barrels, while distillate stocks declined by 3.7 million barrels. Meanwhile, earlier this month, Organization of the Petroleum Exporting Countries (OPEC) has raised oil output by more than previously expected since April, with May output likely to increase by 411,000 barrels per day. Meanwhile the market is also closely watching U.S. President Donald Trump's Gulf visit, which began Tuesday with an appearance at an investment forum in Riyadh. There, he announced the lifting of longstanding U.S. sanctions on Syria and secured a $600 billion pledge in Saudi investment. (With inputs from Reuters) Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Yahoo
14-05-2025
- Business
- Yahoo
U.S. imposes another round of Iran-related sanctions amid nuclear deal negotiations
May 14 (UPI) -- The United States has imposed additional Iran-related sanctions, as the Trump administration negotiates with Tehran on a new nuclear weapons deal. The sanctions announced Tuesday by the U.S. Treasury target an Iranian oil smuggling network the Trump administration accuses of generating billions of dollars for the Tehran regime's military and proxy forces. Fifteen front companies, buyers and facilitators in Hong Kong, mainland China, the Seychelles and Singapore were hit by the punitive measures, along with 52-year-old Iranian national Mohammad Khorasani Niasari and two shipping vessels. The secondary sanctions were levied due to their links to Sepehr Energy Jahan Nama Pars Company, which the previous Biden administration blacklisted in November 2023 for overseeing the Iranian Armed Forces General Staff's network of front companies that it uses to sell commodities, including oil, internationally -- funds that are used to further Iran's weapons and nuclear programs and other destabilizing activities. According to Treasury officials Sepehr Energy obfuscates the origin of these oil shipments through a series of deals involving between multiple front companies it owns. Some of the entities that were blacklisted Tuesday were established in China and Hong Kong. Among the tactics deployed to conceal the oil's Iranian origin is the use of ship-to-ship transfers at sea before the cargo reaches China. Once in the country, Sepehr Energy relies on complicit local agencies willing to aid their sanctioned sales. Khorasani is a financial inspector for Sepehr Energy and its affiliates and was sanctioned Tuesday for helping to manage the Iranian Armed Forces General Staff's transactions. "As long as Iran devotes its illicit revenues to funding attacks on the United States and our allies, supporting terrorism around the world and pursuing other destabilizing actions, we will continue to use all the tools at our disposal to hold the regime accountable," State Department spokesperson Tammy Bruce said in a statement. The sanctions are the latest the Trump administration has imposed since early February when President Donald Trump resumed his so-called maximum pressure policy from his first term -- an effort that failed to coerce Iran into returning to the negotiating table for a new nuclear weapons deal. During his first term in office, Trump imposed sanctions against Iran and unilaterally withdrew the United States from a landmark Obama-era multinational nuclear accord aimed at preventing Iran from acquiring a nuclear weapon. Trump applied his maximum pressure campaign of sanctions and political pressure to force Tehran to negotiate a new deal he believed would be better. Instead, the Middle Eastern country ignored its obligations under the accord and escalated its nuclear weapons program to the point where the U.S. government estimates Iran could need as little as a week to produce enough weapons-grade uranium for a single nuclear bomb. However, talks about a new nuclear deal between the two countries have resumed during the Trump's second term, with State Department deputy spokesperson Tommy Pigott telling reporters in at a Washington press conference on Tuesday that the negotiations "continue to show progress." There have been four rounds of informal talks with the fifth round yet to be scheduled. Trump, speaking in Saudi Arabia on Tuesday, called on Iran to abandon its nuclear ambitions and accept "a much better path toward a far better and more hopeful future" or expect consequences. The United States under administration of both Democrats and Republicans have said they will not permit Iran to obtain a nuclear weapon. "I want to make a deal with Iran," Trump said. "This is an offer that will not last forever. The time is right now to choose. We don't have a lot of time to wait." The Trump administration is demanding that Iran discontinue its uranium enrichment program and dismantle its facilities. Iran has said it will not compromise on its enrichment capabilities. On Monday, after the United States blacklisted three Iranians and a related technology firm involved in nuclear weapons research, Iranian Deputy Foreign Minister for Political Affairs Majid Takht-Ravanchi suggested there was a possibility of negotiating on its enrichment allotments. For a limited period of time, we can accept a series of restrictions on the level and volume of enrichment," he said, state-run Press TV reported. "We have not yet gone into details about the level and volume of enrichment." According to the Treasury, since Trump announced the resumption of his maximum pressure campaign, the United States has sanctioned 253 individuals, entities and vessels related to Iran and its proxies.
Epoch Times
13-05-2025
- Business
- Epoch Times
US Sanctions Entities Selling Iranian Oil to China
The United States on May 13 sanctioned a network that sold Iranian oil to China and used the proceeds to fund terrorist activities. The State Department This follows a White House According to the State Department, this network was using sales to China to fund the development of ballistic missiles, drones, nuclear development, and terrorist proxies 'including the Houthis' attacks on Red Sea Shipping, the U.S. Navy, and Israel.' 'As long as Iran devotes its illicit revenues to funding attacks on the United States and our allies, supporting terrorism around the world, and pursuing other destabilizing actions, we will continue to use all the tools at our disposal to hold the regime accountable,' the department stated. Network The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) 'Today's action underscores our continued focus on intensifying pressure on every aspect of Iran's oil trade, which the regime uses to fund its dangerous and destabilizing activities,' said Treasury Secretary Scott Bessent. 'The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons.' Related Stories 5/12/2025 5/10/2025 According to OFAC, Sepehr Energy controls three Hong Kong-based companies that act as fronts to broker and receive oil shipments for China. One of these companies, Star Energy, moved tens of millions of dollars for Sepehr Energy. Companies Xin Rui Ji and Milen Trading received shipments of oil at ports in China. The companies are meant to obfuscate the origin of Iranian oil, according to the Treasury Department, and have been sanctioned. Sepehr Energy official Mohammad Khorasani Niasari, an Iranian national, was also sanctioned for allegedly managing Sepehr Energy's finances to move money from these sales to Iranian military leadership. CCIC Singapore was also sanctioned for 'consistently' acting as a middleman in the sales to 'conceal the oil's Iranian origins,' through ship-to-ship transfers and potentially falsifying documents, according to OFAC. Its sister company Huangdao Inspection and Certification Co. provided similar services and was also sanctioned. The latest round of sanctions also targets one Chinese, one Singaporean, and four Hong Kong-based intermediaries that help transport sanctioned Iranian oil to China's 'teapot,' or smaller, private refineries. These middlemen collectively delivered millions of barrels of Iranian oil from Sepehr Energy. OFAC also named oil tankers under the flags of Cameroon, Panama, and Hong Kong, owned by companies based in Hong Kong and the Seychelles. Nuclear Program In February, President Donald Trump signed an It instructed the State Department to 'implement a robust and continual campaign' with other agencies 'to drive Iran's export of oil to zero,' highlighting Iran's exports to China. The memo also ordered the attorney general to 'investigate, disrupt, and prosecute' networks that are sponsored by Iran or Iranian terrorist proxies. On May 11, U.S. and Iranian officials concluded a Trump is
LBCI
13-05-2025
- Business
- LBCI
US imposes sanctions on companies it says sent Iranian oil to China
The U.S. Treasury Department on Tuesday imposed sanctions on more than 20 companies in a network that it said has long sent Iranian oil to China, days after negotiators from Iran and the United States concluded a fourth round of nuclear talks. The network facilitated the shipment of oil worth billions of dollars to China on behalf of Iran's Armed Forces General Staff and its front company, Sepehr Energy, Treasury said. The department sanctioned companies including CCIC Singapore PTE, which it said helped Sepehr by concealing the oil's Iranian origins and carried out pre-delivery inspections required before oil was transferred to China. It also sanctioned Huangdao Inspection and Certification Co Ltd for having assisted Sepehr. Treasury also sanctioned Qingdao Linkrich International Shipping Agency Co Ltd which it said has assisted Sepehr Energy-chartered vessels with their arrival and discharge at Qingdao Port as its designated port agent. Reuters
