The US has sanctioned three foreign companies doing business with Iran’s energy sector on Thursday. The move follows additional tough sanctions the White House recently put in place against Iran, to impress on Beijing and Tehran its resolve to increase economic pressure over Iran’s nuclear program.
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The firms, Zhenrong Company from China, Kuo Oil from Singapore and FAL Oil Company Limited from the United Arab Emirates, will no longer be able to receive US export licenses, US Export Import Bank financing or loans over $10 million from US financial institutions. The companies were sanctioned under the Comprehensive Iran Sanctions, Accountability and Divestment Act, a measure that the administration has historically been reluctant to utilise, for fear that it would alienate other countries. The State Department said the move was part of an international effort to target Iran’s energy sector and persuade Tehran to cease in its nuclear enrichment. “The sanctions announced today are an important step toward that goal, as they target the individual companies that help Iran evade these efforts,” the statement said.
(Bicom).
(Photo: Copyright Control).
