U.S. Imposed Sanctions on Companies for Alleged Involvement in Iranian Oil Trade

SEATTLE (Oil Monster): Up to four companies have been sanctioned by the U.S. administration for allegedly participating in the shipment of Iranian crude oil. The U.S. Department of State and Treasury issued the announcement to this effect. The sanctions are intended to restrict Iran's access to the sale of oil and petrochemicals, which are significant sources of income for that nation.

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As the International Safety Management (ISM) manager of the vessel VIGOR, which transports Iranian petroleum, Atlantic Navigation OPC Private Limited, based in India, is the first business to be sanctioned.

Shiny Sails Shipping Limited, based in the Seychelles, is also subject to sanctions for its role in the acquisition and transportation of Iranian petroleum. Brecalin Hong Kong Company Limited and Galaxy Management NV Suriname France have also been sanctioned for their involvement in the selling and marketing of Iranian petroleum products as well as for transporting Iranian fuel.

It is anticipated that the sanctions will significantly affect the companies' financial operations. Moreover, the action is intended to serve as a disincentive for other businesses to refrain from similar actions that would aid the Iranian government.