US Slaps Sanctions on Iran-Linked Companies and Oil Tankers

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed new sanctions on Wednesday, July 29. The move targets a network linked to Iran and adds 10 companies and seven oil tankers to its sanctions list.

According to the Treasury Department, the sanctions were imposed under Executive Order 13902 and target entities and companies due to their connections with the Iranian regime.

The newly sanctioned entities include 'Hormoz Safe Maritime Services' and 'Persian Gulf Maritime Insurance Company', both of which operate in Iran. These two entities are subject to secondary sanctions in addition to primary sanctions, as stated by the Treasury Department.