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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)
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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.

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Tehran Ready for Negotiations with Washington ‘Based on Trust’

Iranian government spokeswoman Fatemeh Mohajerani. (Jamaran news)
Iranian government spokeswoman Fatemeh Mohajerani. (Jamaran news)
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Tehran Ready for Negotiations with Washington ‘Based on Trust’

Iranian government spokeswoman Fatemeh Mohajerani. (Jamaran news)
Iranian government spokeswoman Fatemeh Mohajerani. (Jamaran news)

The Iranian government stated on Tuesday that upcoming negotiations in Geneva over its nuclear program will be guided by the directives of Supreme Leader Ali Khamenei and the interests of the Iranian people.

Iran plans to hold talks on Friday in Geneva with France, Britain and Germany, following a recent resolution by the International Atomic Energy Agency (IAEA) censuring Tehran for its lack of cooperation on its nuclear activities.

Government spokesperson Fatemeh Mohajerani confirmed that the meeting between Iran’s deputy foreign minister and representatives from the three European nations will proceed under the framework of “national interests as emphasized by the Supreme Leader.” She noted that discussions will encompass bilateral, regional and international issues, including the crises in Gaza and Lebanon and broader efforts to promote peace in the region.

Asked about the possibility of direct negotiations with the United States, Mohajerani stated that Tehran is “open to considering any proposal aligned with its national interests.” However, she stressed that “dialogue requires respect and trust, which cannot be built through mere rhetoric.”

Majid Takht-Ravanchi, Deputy Foreign Minister for International Affairs, will lead the Iranian delegation at the Geneva talks, according to Iranian media.

Media outlets close to the Iranian Revolutionary Guard Corps (IRGC) expressed cautious optimism about the Geneva talks, but tempered expectations. The IRGC-affiliated Nour News described the meeting as a “small but significant opportunity for both sides to find common ground and reduce unnecessary tensions that have strained their relations in recent years.”

Both Iran and its European counterparts appear inclined to pursue de-escalation and resume diplomatic channels to resolve disputes, it reported. Analysts quoted by the site characterized the talks as “an essential step in rebuilding trust between Iran and Europe.” If sustained, these efforts could end the two-year stalemate in negotiations over the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

The IAEA’s Board of Governors recently passed a resolution urging Iran to increase its cooperation with the agency. The resolution called for the IAEA Director General to deliver “a comprehensive and updated assessment on the possible presence or use of undeclared nuclear materials in connection with Iran’s past and current nuclear activities.”

Western powers, including the United States, France, Britain and Germany, dismissed Iran’s last-minute proposal to limit its stockpile of 60%-enriched uranium—close to weapons-grade—as “inadequate and insincere.”

In response, Iran announced the activation of advanced centrifuges at its Fordow and Natanz uranium enrichment facilities.

Despite the heightened tensions, Iranian Foreign Ministry spokesperson Esmail Baghaei underscored Tehran’s commitment to a policy of engagement and cooperation. He framed the upcoming talks as a continuation of discussions held on the sidelines of the UN General Assembly in New York.

Iranian media claimed that Tehran has refrained from actions that could complicate negotiations in recent months. However, they accused European powers of taking “unconstructive measures” that have hindered the diplomatic process.