Treasury expands Iran sanctions to include petroleum sector

The US Treasury Department has expanded the scope of Iranian sectoral sanctions to include the country’s petroleum and petrochemical sectors under Executive Order 13902, according to a determination published 18 November.

The measure, which took effect 11 October, allows the Office of Financial Assets Control (‘OFAC’) to block property and interests of any person determined to operate in Iran’s oil and petrochemical industries, Treasury Secretary Janet Yellen said in the published determination.

‘To further address the unusual and extraordinary threat to the national security, foreign policy, and economy of the United States,’ the expansion adds to existing sanctions targeting Iran’s construction, mining, manufacturing and textiles sectors under the 2020 executive order, Yellen’s statement explained.

https://public-inspection.federalregister.gov/2024-26800.pdf