U.S. Increases Sanctions on Iran

Date: WASHINGTON (Reuters) – October 17, 2023

The Biden administration has significantly increased sanctions on Iran, targeting 35 entities and vessels involved in transporting illicit Iranian petroleum to foreign markets. The U.S. Treasury Department labeled these as part of Tehran's "shadow fleet."

These sanctions follow those imposed on October 11, responding to Iran's October 1 attack on Israel and its announced nuclear escalations, as reported by the U.S. Department of Treasury.

Acting Under Secretary for Terrorism and Financial Intelligence, Bradley Smith, stated, "Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, the proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilization of the region."

Smith added, "The United States remains committed to disrupting the shadow fleet of vessels and operators that facilitate these illicit activities, using the full range of our tools and authorities."

These sanctions are aimed at key sectors of Iran's economy, intending to deny the government funds that support its nuclear and missile programs. Generally, these measures prohibit any U.S. individuals or entities from conducting business with the targeted groups and freeze any U.S.-held assets.