"The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing this update to a September 2019 advisory to assist the global shipping and maritime industry in identifying sanctions evasion related to the shipment of Iranian-origin petroleum, petroleum products, or petrochemical products and implement sanctions compliance practices to guard against such sanctions risk," the Treasury said in a statement.
"These oil shipments create significant sanctions exposure for maritime industry participants, including, but not limited to, shipping companies, vessel owners,
managers, operators, insurers, port operators, port service providers, and financial institutions," said the statement.
"Currently, Iran exports approximately 1.6 million barrels per day (bpd) of crude oil and 0.4 million bpd of refined petroleum products via seaborne transport, providing billions of dollars of annual revenue for the Iranian regime," added the US Treasury's statement.
The sanctions come a few days ahead of Iran and US representatives meeting for the second time in indirect talks in Oman or Italy on the Iranian nuclear issue and the lifting of oppressive sanctions on Saturday.
MNA
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