According to a US official, penalties against Iranian oil exports will be announced today, Thursday.
The official backed up a story from Bloomberg News that claimed the penalties would target companies that help with the oil trade and would be a part of a larger effort to tighten sanctions against Tehran in the coming weeks.
Bipartisan US House of Representatives members sponsored legislation to impose tougher sanctions on Iran last September.
The Iran Sanctions Consolidation Act (SISA), which targets the nation’s oil industry and makes it harder to fund terrorism or ballistic missile development, will act as a necessary deterrent.
The introduction of fresh sanctions coincides with President Joe Biden’s administration’s continued, albeit less hopeful, pursuit of finalising a new nuclear agreement with Iran.
The European Union delivered a final document to break the impasse and resurrect this agreement on August 8, 2022, following protracted and difficult rounds and talks that began in Vienna in April (2021) and lasted 16 months.
Midway through August, Joseph Borrell, the European coordinator of the nuclear negotiations, received the initial Iranian response, which was followed by the American reaction to the Iranian comments and requests. The talks were later derailed by Tehran’s response. .
Washington: Oil shipments may soon be subject to new penalties against Iran.
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