The US and UK have simultaneously implemented new sanctions against Iran and Russia aimed at increasing pressure on both countries. In this context, the US Department of the Treasury has sanctioned Iran's petrochemical industries and the shadow tanker fleet of this country.
Details of the New Sanctions
The new sanctions follow a coordinated plan between the US Department of State and the Department of the Treasury and particularly focus on a wide network of petrochemical traders based in Turkey and the United Arab Emirates. The Treasury Department has justified these actions by emphasizing "Operation Economic Outcast" aimed at eliminating Iran's economic options.
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These sanctions include 17 new tankers registered in over a dozen different jurisdictions and operating under a complex network of international companies. These vessels mainly consist of product tankers and LPG carriers, flying flags from countries such as Congo, Panama, the Bahamas, Mongolia, and others.
UK Sanctions and Their Impact
The UK has also introduced its second sanctions package in the past week, claiming that these sanctions strike at the financial resources of Russia and companies supporting the war in Ukraine. London has announced that by sanctioning two new Russian oil companies, over 90% of the country's oil production capacity is now under sanctions.
This government has also added 12 more tankers to the sanctions list, bringing the total to over 600 vessels on its sanctions list. These actions also include new sanctions against cryptocurrency exchanges and two payment platforms known for assisting in circumventing sanctioned financial services.
Overall, these sanctions demonstrate the West's serious determination to pressure Iran and Russia, particularly in the oil and petrochemical sectors. While the US claims that these sanctions primarily target Iran's shadow tanker fleet, analysts emphasize that there are still 173 tankers associated with Iran that are not under US sanctions.
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