US Sanctions Slew Of Companies On Iran Trade

Sanctions against foreign companies aimed at squeezing Iran's gasoline supplies

WASHINGTON — The Obama administration on Tuesday hit seven foreign companies, including Venezuela' state-owned oil company and an Israeli shipping firm, with sanctions for doing business with Iran that helps fund its nuclear program. At the same time, the administration imposed separate sanctions on more than 15 people and companies in China, Iran, North Korea, Syria and elsewhere for illicit trading in missile technology and weapons of mass destruction.

The State Department announced the penalties as the administration widened the scope of measures against firms that supply or transport refined petroleum products, including gasoline, to Iran. The announcement came a day after President Barack Obama signed an executive order giving the departments of Treasury and State more leeway in targeting companies involved in Iran's energy sector in order to boost pressure on Iran to meet international demands and prove its nuclear program is peaceful.

The sanctions are the first specifically related to refined petroleum exports to Iran since legislation to allow for such measures was approved last year by Congress and signed into law by President Barack Obama. Nine other companies have been hit with sanctions under broader provisions of the law.

The affected companies include Petroleos de Venezuela, Tanker Pacific of Singapore, Ofer Brothers Group of Israel, Associated Shipbroking of Monaco, Petrochemical Commercial Company International of Jersey and Iran, the Royal Oyster Group of the United Arab Emirates and Speedy Ship of the United Arab Emirates and Iran.

"All of these companies have engaged in activities related to the supply of refined petroleum products to Iran, including the direct supply of gasoline and related products," Deputy Secretary of State James Steinberg said in announcing the sanctions. U.S. officials say Iran uses revenue from its energy sector to fund its nuclear program. "Those who continue to irresponsibly support Iran's energy sector and help facilitate Iran's efforts to evade U.S. sanctions will face serious consequences."

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