First Iran sanctions since taking office, Trump aims for oil

Shafaq News/ The US Treasury Department announced on Thursday the first sanctions under President Donald Trump targeting individuals and oil tankers that "facilitate the shipment of millions of barrels of Iranian crude to China annually."

The department’s statement explained that this oil network generates hundreds of millions of dollars for the Iranian military, as "Tehran earns billions of dollars each year from oil sales to fund its activities and support groups like Hamas, the Houthis, and Hezbollah."

The Treasury added the oil is shipped on behalf of the Iranian Armed Forces General Staff (AFGS) and its sanctioned front company, Sepehr Energy Jahan Nama Pars (Sepehr Energy).

Treasury Secretary Steven Mnuchin emphasized Tehran continues to use its oil revenues to fund its nuclear program and ballistic missile production, reiterating “Washington's commitment to targeting any efforts by Iran to secure funding for these activities.”

The move comes after President Trump pledged earlier this week to reduce Iranian oil exports.

Iran has warned that unilateral sanctions on crude oil producers would destabilize global energy markets.

Iranian President Masoud Pezeshkian downplayed the impact of the sanctions, suggesting that "Americans think Iran's entire economy depends on oil, so they want to halt its exports," adding that "there are many ways to thwart their objectives."