US imposes sanctions on Iran, limiting oil exports to Asia

US imposes sanctions on Iran, limiting oil exports to Asia

The US has imposed new sanctions on Iran aimed at exporting oil to Asia.

The US State Department has identified 15 individuals and entities that are associated with illegal sales and supplies of Iranian oil products. The sanctions list includes Iran's Zagros Tarabaran-E Arya, Vietnam's Truong Phat Loc Shipping Trading, Singapore's Everwin Shipmanagement, and Star Oil Co. and East Ocean Rashin Shipping.

Sanctions have been imposed on eight legal entities and two individuals located in Iran, Hong Kong and the UAE.

The new US sanctions freeze any assets of individuals or entities in the country's financial system and prohibit Americans from dealing with them. The sanctions came into effect on July 6 against companies in Iran, Vietnam, Singapore, the UAE and Hong Kong.

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