New Delhi. US Treasury Secretary Scott Besant said the US would not renew the general license that allowed limited transactions involving Russian and Iranian oil amid ongoing geopolitical tensions. Besant said during a media briefing that we will not renew the general license on Russian oil and Iranian oil. This was oil that was in the water before March 11. It’s all been used up. Meanwhile, the US Treasury Department’s Office of Foreign Assets Control has imposed new sanctions, targeting Iran’s illegal oil transportation infrastructure. It involves about two dozen companies and ships.
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In its statement, the Treasury Department said the entities were part of a network linked to Iranian oil shipping figure Mohammad Hossein Shamkhani. Mohammad Hossein Shamkhani is the son of a senior advisor to Iran’s former Supreme Leader Ali Khamenei. Treasury Secretary Scott Besant said the Trump administration will continue to dismantle Iran’s illicit trafficking and terrorist proxy networks. The announcement is part of broader US efforts to increase economic pressure on Iran, particularly in the energy sector, at a time when the sector is grappling with instability and supply disruptions related to the ongoing conflict. Earlier, the US Treasury Department had indicated that it had no intention of extending the temporary sanctions relief granted for crude oil and petroleum products of Iranian origin.
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