America’s big economic attack on Iran: More than 50 companies, people and ships blacklisted, tighten the noose on oil business

Washington. America has taken a major economic step against Iran amid increasing geopolitical tension in West Asia. The US Treasury Department’s Office of Foreign Assets Control (OFAC) has blacklisted more than 50 people, companies and ships, taking action against Iran’s alleged illegal oil trade and a large maritime network that evades sanctions.

America claims that this network was being operated under the control of Iranian energy businessman Mohammad Hossein Shamkhani and through this, oil was being traded bypassing international sanctions.

Who came under the ambit of restrictions?
According to the US Treasury Department, this action:

6 persons have been blacklisted.
Sanctions have been imposed on 24 companies.
20 sea vessels have also been included in the banned list.

The US alleges that this entire network was trading Iranian oil bypassing sanctions through financial brokers, logistics operators, shipping managers and shell companies located abroad.

Why did America take this step?
The US administration says that this network remained a major source of income for Iran’s economy. US Treasury Secretary Scott Besant said that the purpose of these sanctions is to curb economic resources that are being used in activities that affect regional instability and maritime security.

The US State Department also said that this action has been taken to weaken allegedly illegal shipping networks and businesses that evade sanctions.

There may be an impact on the global market-
According to experts, the impact of this action will not be limited to Iran only. Its possible effects include:

Pressure on Iran’s oil exports may increase.
There may be fluctuations in the global energy market.
International oil supplies and prices may be affected.
There may be a possibility of further increase in tension regarding maritime security in the Strait of Hormuz.

Now what next?
America has indicated that it will continue its policy of maintaining maximum economic pressure on Iran. At the same time, after this action, the eyes of the international community will remain on Iran’s reaction and the security situation in West Asia. If regional tensions increase, it could also impact global trade and energy supply chains.