On Tuesday, the US government imposed sanctions on 35 entities and vessels for transporting Iranian oil to other countries. Among the entities from the United Arab Emirates, China, Liberia, and Hong Kong, two were from India: Vision Ship Management LLC, which manages and operates PHONIX and Thightship Shipping Management (OPC) Limited.
In a statement, the Department of Treasury said this action would increase the cost of transporting Iranian oil following Iran’s attack against Israel on October 1 and Iran’s announcement of nuclear escalation. According to the US Treasury, revenue from the oil helps Iran fund its nuclear program, develop advanced drones and new missiles and fund the terrorist organisations in the region.
Bradley T Smith, the acting Under Secretary for Terrorism and Financial Intelligence of the US, said, “Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilizing the region.” He further added that the United States of America remains committed to disrupting the fleet of vessels and operators that indulge in thesis illicit activities.
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As far as the Indian entities are concerned, according to the treasury, Vision Ship Management LLP manages and operates PHONIX, which has carried millions of barrels of oil from Iran since 2022. The same entity also owns, manages and operates Cook Islands-flagged RIO NAPO and Panama-flagged LARA II. The RIO NAPO had transported over 35,000 metric tons of Iranian Naphta, which is approximately worth around $21.5 million, to the UAE.
