The United States has imposed new sanctions on India, China, and Hong Kong, two months after the Trump administration returned to power. The United States accuses them of financing Iranian militant groups that seek to harm the United States and its allies. Moreover, this is also the fulfillment of Trump’s campaign promise, according to which Washington would apply maximum pressure on Iran’s oil industry.
The sanctions imposed by the US Treasury and State Departments target 30 individuals, entities, and vessels accused of selling and transporting Iranian petroleum products. Among those sanctioned is Hong Kong-based oil broker Petronix Energy Trading Ltd. According to a statement from the Treasury Department, Petronix purchased hundreds of thousands of tons of Iranian oil from the sanctioned Naftiran Intertrade Co.
Earlier this month, on February 4, Trump signed an executive order “to reduce Iran’s oil exports to zero.” The order also states that Iran must never be allowed to acquire or develop nuclear weapons.
As Treasury Secretary Scott Bessent said on February 24, “Iran continues to sell oil and fix destabilization the region through a shadowy network of ships, shippers, and brokers. The United States will use all available tools to seek out and target all aspects of Iran’s oil supply chain and impose appropriate sanctions.”
According to Iran’s Customs Administration, the country receives nearly $2 billion a month from oil sales to China, which accounts for about 5 percent of Iran’s economic output. China has been buying about 90 percent of Iran’s oil exports at deep discounts in recent years.
Earlier this month, the Treasury Department imposed sanctions on more than a dozen individuals and firms from mainland China, India, and the United Arab Emirates, accusing them of facilitating the shipment of millions of barrels of Iranian oil to China.
