U.S. imposes fresh sanctions on Iran's oil sector

Added On October 27, 2020

The Treasury Department said in a statement that the Iranian Ministry of Petroleum, the National Iranian Oil Company (NIOC), the National Iranian Tanker Company (NITC) were designated for their financial support of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Iran's Minister of Petroleum Bijan Namdar Zanganeh and other senior executives of NIOC and NITC were also on the sanction list. These sanctions came days after the Trump administration blacklisted Iran's ambassador to Iraq. Iran's Foreign Ministry issued a statement on Monday to warn the United States that it will "never forget" the continuation of U.S. policy of "maximum pressure" against Iran amid the COVID-19 pandemic.