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US: Sanctions on Russia, Iran to Curb Oil Shipments to Syria

  •  A youth works at an oil refinery site in Marchmarin town, Syria, Dec. 16, 2015.

    A youth works at an oil refinery site in Marchmarin town, Syria, Dec. 16, 2015. | Photo: Reuters

Published 21 November 2018

The U.S. Department of the Treasury sanctioned companies and citizens of Iran and Russia for allegedly being linked to an international oil shipment network to Syria.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) said on Tuesday that the U.S. is targeting Russian and Iranian companies and citizens that would be collaborating with Iran through sending oil to Syria.

“We are issuing an Advisory today identifying the grave risks to the maritime community if they participate in shipping oil to the Government of Syria," said Treasury Secretary Steven Mnuchin.

Iran, Iraq Seek to Boost Trade Relations Amid US Sanctions

According to the OFAC, the companies that allegedly are dedicated to sending oil to Syria are Global Vision Group, Promsyrioimport, and EMEBE Bank, which are Russian; and Tadbír Kish Medical and Pharmaceutical Co., which are Iranian.

The Treasury's accusation against those companies cuts them off from the global financial system by blocking any of their assets under U.S. jurisdiction and in effect warning non-U.S. institutions against dealing with them.

Earlier this month, the Donald Trump administration re-imposed sanctions on the Iranian oil, banking, and transport sectors. In this context, the OFAC's decision escalates the economic campaign against the Persian country.

"The United States is committed to interrupting illicit and other financial support to the Syrian Government, [including] the transportation of oil to ports controlled and operated by the State, regardless of the location or nationality of those providing such support," affirmed the OFAC.

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