U.S. Targets Iranian Oil Exports with Latest Sanctions

• The US has imposed new sanctions on Iranian companies and vessels involved in the export of petroleum or petrochemical products.
• The sanctions are a response to Iran's continued expansion of its nuclear program and its failure to cooperate with the IAEA.
• US Secretary of State Antony Blinken expressed concerns over Iran's nuclear activities and its potential implications for regional stability.

The United States on June 27 issued fresh sanctions against Iran in response to Tehran further expanding its nuclear program, U.S. Secretary of State Antony Blinken said in a statement.

"Over the past month, Iran has announced steps to further expand its nuclear program in ways that have no credible peaceful purpose," Blinken said. "We remain committed to never letting Iran obtain a nuclear weapon, and we are prepared to use all elements of national power to ensure that outcome."

The new sanctions take aim at three companies based in the United Arab Emirates and 11 vessels used in the export of Iranian petroleum or petrochemical products, Blinken said.

Earlier this month, the Group of Seven nations warned Iran against advancing its nuclear enrichment program and said it would be ready to impose new measures if Tehran were to transfer ballistic missiles to Russia.

Iran rebuked the statement, calling on the G7 to distance itself from "destructive policies of the past."

Blinken in his June 27 announcement also cited the G7 statement, saying Iran “must cease its escalations with regard to its nuclear program as well as its other destabilizing actions.”

Blinken said Iran’s actions to increase its enrichment capacity are all the more concerning in light of statements by Iranian officials suggesting potential changes to Iran’s nuclear doctrine.

Iran says its nuclear program is for peaceful civilian purposes, but government officials caused alarm recently by saying it could change its "nuclear doctrine" if it is attacked or its existence is threatened by Israel.

Blinken also said Tehran’s “continued failure to cooperate" with the International Atomic Energy Agency (IAEA) was worrisome. The board of governors of the IAEA on June 5 passed a resolution calling on Iran to step up cooperation with the UN nuclear watchdog and reverse its decision to bar inspectors.

The Iranian Foreign Ministry slammed the vote, describing it as a “political and unconstructive” move.

By RFE/RL

More Top Reads From Oilprice.com:

• BP Freezes Hiring and Pauses New Offshore Wind Projects to Please Investors
• Novatek Proceeds With Arctic LNG 2 Despite New Sanctions on Russia
• $200B In Carbon Capture Investment Needed Over Next 10 Years