US imposes sanctions on Iran oil traders amid nuclear talks

ISTANBUL

The US State Department announced sanctions Wednesday against seven entities engaged in trading Iranian petroleum products, while identifying two vessels as blocked property amid nuclear negotiations with Tehran.

"The President (Donald Trump) is committed to driving Iran's illicit oil and petrochemical exports -- including exports to China -- to zero under his maximum pressure campaign," according to a statement.

The agency highlighted that the action targets four sellers and one purchaser of Iranian petrochemicals valued at hundreds of millions of dollars.

It also sanctioned a marine management company that it said plays a "key role" in transporting millions of barrels of Iranian petroleum products, along with an Iran-based cargo inspection company.

“So long as Iran attempts to generate oil and petrochemical revenues to fund its destabilizing activities, and support its terrorist activities and proxies, the United States will take steps to hold both Iran and all its partners engaged in sanctions evasion accountable,” it said. The US has accused Iran of backing the Houthi group, that has targeted ships passing through the Red and Arabian seas, the Bab al-Mandab Strait and the Gulf of Aden since November 2023 in solidarity with Palestinians in the Gaza Strip.

The sanctions follow a third round of US-Iran nuclear negotiations mediated by Oman on Saturday, with both sides reporting substantial progress with a fourth meeting planned Saturday.

Trump threatened military action against Iran if a new nuclear agreement is not reached to replace the 2015 nuclear deal, from which he withdrew in 2018.

US Secretary of State Marco Rubio recently said Iran can have a civilian nuclear program if it agrees to abandon uranium enrichment.