US sanctions halt movement of 50 oil tankers off Iran’s coast
Bloomberg: 50 oil tankers stranded near Iran as Washington tightens sanctions on Tehran’s oil sector and related financial institutions.
Key Takeaways
AIUS sanctions imposed on Iran have frozen the movement of 50 oil tankers off the country’s coast, Bloomberg News reported on Tuesday.
The agency noted that 20 empty Iranian tankers remained off Sri Lanka instead of returning, due to the restrictions. Preliminary tanker tracking data from Kpler and Vortexa indicated that no Iranian crude was loaded from ports during September.
Official statements and tanker tracking data
US Treasury Secretary Scott Beissinger announced on October 1 that Iran did not load any crude oil onto tankers during September. He added that around 15 million barrels of Iranian oil remain at sea, most of it en route to China, stressing that Washington is working to cut off Tehran’s main source of revenue.
Threat of sanctions on foreign financial institutions
In a related development, the United States threatened to impose sanctions on foreign financial institutions if they conduct any business with Iran or its banking sector. The US Treasury Department said in a statement that financial institutions continuing to cooperate with sanctioned Iranian banks could be targeted at any time without prior notice, urging them to immediately end related activities and relationships.
Escalating US campaign and new sanctions
The United States has intensified its campaign to economically isolate Iran since late August, warning allies of possible sanctions if they continue dealings with Tehran. The US Treasury also announced a new package of sanctions targeting Iran’s financial, cryptocurrency, rail, automotive, and manufacturing sectors, along with measures against two banks in the UAE and Turkey accused of assisting Iranian authorities.