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US Treasury Department imposes new sanctions on shipping companies linked to Iran

Middle East News

11-10-2024 | 14:20

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US Treasury Department imposes new sanctions on shipping companies linked to Iran

On Friday, the U.S. Treasury Department has added several entities to its Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list as part of new sanctions related to Iran.

These companies, including firms based in Malaysia, Hong Kong, the United Arab Emirates, and Panama, are primarily involved in shipping and oil trade activities linked to Iran.

The sanctions block their assets and interests, citing violations of Executive Order 13846, which targets entities connected to Iran’s oil sector and its affiliates.

Among those sanctioned are Alya Marine Sdn Bhd in Malaysia, Cathay Harvest Marine Ltd in Hong Kong, and Rita Shipping Inc in the Marshall Islands.

These actions are part of broader U.S. efforts to curtail Iran's access to international shipping and financial networks tied to its oil exports.

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