US announces sanctions targeting Iran's petroleum, petrochemical sectors over Israel attack

The US has announced new sanctions targeting Iran's petroleum and petrochemical sectors in response to its October 1 attack on Israel. In addition, the US is also sanctioning 16 entities engaged in the Iranian petroleum trade and blocking 23 vessels.

In a post on X, the US State Department spokesperson Matthew Miller stated, "We are announcing broad new sanctions on Iran's petroleum and petrochemical sectors to further deny the Iranian regime the resources it may use to fund its destabilizing activities. We are also sanctioning 16 entities engaged in Iranian petroleum trade and blocking 23 vessels."

The US Secretary of State Antony Blinken said that the US is taking measures to disrupt the flow of revenue that the Iranian regime uses to fund its nuclear program and support terrorist proxies.

In a statement, Blinken stated, "In the aftermath of Iran's unprecedented October 1 attack against Israel, the United States made clear that we would impose consequences on Iran for its actions. To that end, we are taking steps today to disrupt the flow of revenue the Iranian regime uses to fund its nuclear program and missile development, support terrorist proxies and partners, and perpetuate conflict throughout the Middle East."

Blinken said that the US Department of State has imposed sanctions on six entities engaged in Iranian petroleum trade and identified six vessels as blocked property. Concurrently, the Department of the Treasury, in consultation with the Department of State, is issuing a determination that will lead to the imposition of sanctions against any person determined to operate in the petroleum or petrochemical sectors of the Iranian economy.

In addition, the US Treasury has imposed sanctions against 10 entities and identified 17 vessels as blocked property for their involvement in shipments of Iranian petroleum and petrochemical products in support of US-designated entities National Iranian Oil Company or Triliance Petrochemical Co. Limited.

In a statement, the US Secretary of Treasury Janet L Yellen said, "In response to Iran's attack on Israel, the United States is taking decisive action to further disrupt the Iranian regime's ability to fund and carry out its destabilizing activity."

She further said, "Today's sanctions target Iranian efforts to channel revenues from its energy industry to finance deadly and disruptive activity--including development of its nuclear program, the proliferation of ballistic missiles and unmanned aerial vehicles, and support to regional terrorist proxies--with dangerous consequences for the region and the world. We will not hesitate to take further action to hold Iran accountable."

Antony Blinken said that the US is committed to curtailing Iran's sources of revenue for its malign activities. He stated that it will continue to use all the tools at its disposal to hold it accountable as long as Tehran uses its energy revenues to fund attacks on our allies, support terrorism around the world, and pursue other destabilizing actions. He noted that these measures will be reinforced by ongoing close coordination with partners and allies to address and counter Iran's actions.

On October 1, Iran launched nearly 200 ballistic missiles towards targets in Israel and the United States military coordinated closely with the Israeli Defence Forces to help defend Israel against this attack.
US Naval destroyers joined Israeli air defence units in firing interceptors to shoot down inbound missiles. Israeli Prime Minister Benjamin Netanyahu described Iran's missile attack on his country as a "big mistake" and said Tehran would pay for it."