The U.S. announced additional economic sanctions on Iran targeting its weapons proliferation networks and “front companies” helping to evade international oil restrictions. The action is intended to disrupt Iran’s “nuclear and ballistic missile programs as well as its deceptive efforts to use front companies to sell and move its oil,” the Treasury Department said in a statement today. The Treasury identified as sanction targets four entities it described as “front companies” for Iran’s oil trade: Petro Suisse Intertrade Company SA (Petro Suisse), incorporated in Switzerland; HongKong Intertrade Company, based in Hong Kong; Noor Energy (Malaysia) Ltd, incorporated in Malaysia; and Petro Energy Intertrade Company, operating out of Dubai.
“These identifications highlight Iran’s attempts to evade sanctions through the use of front companies, as well as its attempts to conceal its tanker fleet by repainting, reflagging, or disabling GPS devices,” the Treasury said in the statement. The Treasury designated 20 financial institutions under sanctions regulations. It also identified 58 vessels of the National Iranian Tanker Co., as well as NITC and 27 of its affiliated entities, as blocked or “frozen” pursuant to a U.S. executive order. The Treasury named individuals and entities allegedly involved in Iranian nuclear and missile proliferation activities.