Ahead of next nuclear talks, new US sanctions hit Iran’s oil trade

Days ahead of a fresh round of US-Iran negotiations set for Saturday, the US on Wednesday imposed new sanctions on entities it accuses of participating in the illicit trade of Iranian petroleum and petrochemical products.

According to a Reuters report, citing a statement from the US State Department, the sanctions target seven entities based in the United Arab Emirates, Turkey, and Iran, along with two vessels involved in the trade.

US Secretary of State Marco Rubio said the measures are aimed at four sellers and one buyer of Iranian petrochemicals, with transactions valued in the hundreds of millions of dollars.

The move marks the latest escalation in Washington’s renewed “maximum pressure” campaign, originally introduced by former President Donald Trump, aimed at curbing Iran’s oil exports and preventing it from advancing its nuclear programme.

“The President is committed to driving Iran’s illicit oil and petrochemical exports - including exports to China - to zero under his maximum pressure campaign,” Reuters quoted Rubio as saying.

Iran’s mission to the United Nations in New York did not immediately respond to a request for comment following the latest round of US sanctions targeting its petrochemical trade, according to Reuters.

The sanctions come as the US prepares to resume talks with Iran over its nuclear programme, with negotiators from both sides scheduled to meet in Rome on Saturday.

During his first term in office from 2017 to 2021, Trump unilaterally withdrew the US from the 2015 nuclear agreement between Iran and world powers.

The deal had imposed strict limits on Iran’s uranium enrichment in exchange for sanctions relief. Trump later reimposed sweeping US sanctions, escalating tensions with Tehran.

In the years since, Iran has significantly exceeded the enrichment limits set by the agreement.

Western powers have accused Iran of pursuing nuclear weapons capability by enriching uranium to levels deemed unjustifiable for a civilian energy program. Tehran maintains that its nuclear activities are solely for peaceful, civilian energy purposes.

With inputs from agencies