The temporary lifting of American sanctions against Iranian oil blocked at sea had allowed approximately 140 million additional barrels to enter the global market. The US Treasury announced on Tuesday that it will not extend the temporary lifting of certain sanctions on Iranian oil, decided last month to mitigate the effects of the conflict in the Middle East on the hydrocarbon market.
“The temporary authorization for the sale of Iranian oil currently blocked at sea expires in a few days and will not be renewed,” the Treasury wrote on its official account.
The Treasury claims to be contributing to the American war effort “by maintaining maximum pressure on Iran.” In this regard, it states that it is “ready to impose secondary sanctions on foreign financial institutions that continue to support the activities of Tehran.”
The Treasury is targeting financial institutions based in China, Hong Kong, the United Arab Emirates, and Oman, according to an anonymous government official.
Washington had authorized – for one month – the sale of Iranian oil stored at sea before March 20th. This move was expected to “bring approximately 140 million barrels of oil to the global market,” Finance Minister Scott Bessent said. The waiver is set to expire on Sunday.
Earlier in the day, the US government also announced the extension for several months of the relief of some sanctions targeting the Russian oil giant Lukoil.
The Treasury Department also announced the suspension of sanctions against the Venezuelan central bank, as well as three other banks in the country, marking a new step in the normalization of relations between Washington and Caracas.
