US Issues Fresh Iran-Related Sanctions Targeting State Oil Sector

US Treasury Secretary Steven Mnuchin. (Reuters)
US Treasury Secretary Steven Mnuchin. (Reuters)
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US Issues Fresh Iran-Related Sanctions Targeting State Oil Sector

US Treasury Secretary Steven Mnuchin. (Reuters)
US Treasury Secretary Steven Mnuchin. (Reuters)

The United States on Monday imposed fresh Iran-related sanctions targeting the country’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest action to increase pressure on Tehran.

The US Treasury Department in a statement said it was slapping sanctions on key actors in Iran’s oil sector for supporting the Quds Force, the foreign paramilitary and espionage arm of the Revolutionary Guard Corps blacklisted by the United States.

“The regime in Iran uses the petroleum sector to fund the destabilizing activities of the IRGC-QF,” Treasury Secretary Steven Mnuchin said in the statement.

Tensions between Washington and Tehran have soared since Trump unilaterally withdrew in 2018 from the Iran nuclear deal struck by his predecessor President Barack Obama and began reimposing US sanctions that had been eased under the accord.

The minister of petroleum, the National Iranian Oil Company (NIOC) and National Iranian Tanker Company were also blacklisted alongside other individuals and entities in Washington’s move on Monday, which freezes any US assets of those blacklisted and generally bars Americans from dealing with them.

The Treasury also imposed sanctions on Mahmoud Madanipour and United Arab Emirates-based Mobin International Limited, accusing them of entering into an agreement with Venezuelan state-owned Petroleos de Venezuela (PDVSA) to ship gasoline obtained from NIOC to the government of Venezuelan President Nicolas Maduro.

The British-based companies of Madanipour, Mobin Holding Limited and Oman Fuel Trading Ltd were also blacklisted.

Mobin International and Oman Fuel have said they were the owners of the cargo aboard several tankers confiscated by US authorities in August.

The US Justice Department said the cargo was destined for Venezuela, whose oil industry is also under US sanctions, but the companies denied in court filings that Venezuela was the destination.

Iran has sent two other flotillas carrying fuel to gasoline-short Venezuela, and they entered the South American country without US interference.



Supporters of Pakistan's Imran Khan Call off Protest

Policemen fire tear gas shells to disperse supporters of Pakistan Tehreek-e-Insaf (PTI) party during a protest to demand the release of former prime minister Imran Khan, in Islamabad on November 26, 2024. (Photo by Aamir QURESHI / AFP)
Policemen fire tear gas shells to disperse supporters of Pakistan Tehreek-e-Insaf (PTI) party during a protest to demand the release of former prime minister Imran Khan, in Islamabad on November 26, 2024. (Photo by Aamir QURESHI / AFP)
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Supporters of Pakistan's Imran Khan Call off Protest

Policemen fire tear gas shells to disperse supporters of Pakistan Tehreek-e-Insaf (PTI) party during a protest to demand the release of former prime minister Imran Khan, in Islamabad on November 26, 2024. (Photo by Aamir QURESHI / AFP)
Policemen fire tear gas shells to disperse supporters of Pakistan Tehreek-e-Insaf (PTI) party during a protest to demand the release of former prime minister Imran Khan, in Islamabad on November 26, 2024. (Photo by Aamir QURESHI / AFP)

Former Pakistani Prime Minister Imran Khan's party suspended street protests demanding his release from jail after a sweeping midnight raid by security forces in the capital Islamabad in which hundreds of people were arrested, local media reported on Wednesday.
Broadcaster Geo News, citing a Pakistan Tehreek-e-Insaf (PTI) statement, said the party had announced a "temporary suspension" of the protest, in which at least six people, including four paramilitary soldiers and two protesters, have been killed.
A PTI spokesperson did not immediately respond to requests for comment.
Thousands of protesters had gathered in the center of Islamabad on Tuesday after a convoy, led by Khan's wife Bushra Bibi, broke through several lines of security all the way to the edge of the city's highly fortified red zone.
Geo News and broadcaster ARY both reported that a massive raid was launched by security forces in a pitch-dark central Islamabad, where lights had been turned off and a barrage of teargas was fired. The protest gathering was almost completely dispersed, they reported.
On Wednesday morning, city workers were cleaning up debris and clearing some of the shipping containers that had blocked roads around the capital. The heavily fortified red zone was empty of protesters but several of their vehicles were left behind, including the remains of a truck from which Bushra Bibi had been leading the protests that appeared charred by flames, according to Reuters witnesses.
PTI had planned on staging a sit-in in the red zone until the release of Khan, who has been in jail since August last year.
PTI's president for the city of Peshawar in the party's northern stronghold of Khyber Pakhtunkhwa province, said the party had called off the protest.
"We will chalk out the new strategy later after proper consultation,” Mohammad Asim told Reuters.
He said that Bushra Bibi as well as Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, a key Khan ally, had returned "safely" to the province from the capital.
Pakistan's benchmark share index jumped more than 4% in intraday trade on Wednesday, recovering losses made on Tuesday when the index closed 3.6% down over the news of political clashes.
"With valuations remaining highly attractive, we expect the positive momentum to continue going forward," said Tahir Abbas, head of research at Arif Habib Limited, adding that the sharp rebound in the market was due to hopes of political stability restoring investor confidence.