Economy News – Follow-up
On Thursday, March 13, the U.S. Treasury Department announced sanctions against Iranian Oil Minister Mohsen Pak Ahmadinejad, alongside several vessels flying the Hong Kong flag. These vessels were reportedly part of a fleet that has been instrumental in concealing Iran’s oil shipments.
The Treasury Department’s statement highlighted that Pak Ahmadinejad “oversees the export of Iranian oil valued in the tens of billions of dollars and allocates substantial oil resources—amounting to billions of dollars—to the Iranian armed forces for export.”
Additionally, sanctions were placed on ship owners and operators who facilitate the delivery of Iranian oil to China or manage its transfer from storage facilities in multiple countries, including India and China.
The Iranian military employs a significant network of shadowy vessels to obscure oil shipments to China, with the estimated value of these operations reaching into the billions of dollars.
Among the vessels targeted by the recent sanctions are the Hong Kong-flagged “Pace Hill,” its owning company, the Iranian-flagged “Polaris 1,” along with the Seychelles-registered “Fallon Shipping” and the Liberia-registered “Itago Service.”
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