The US on Thursday imposed sanctions on 20 Iran-linked shipping vessels and six petroleum companies in the latest measures enacted against Tehran.
Among the companies affected is Vietnam-based Golden Lotus Oil Gas and Real Estate Joint Stock Company, which operates a fleet of oil and gas tankers.
The State Department has accused the company of “knowingly engaging in a significant transaction for the transport of petroleum products from Iran”.
The sanctions are part of a broader effort by the US government to limit Iran’s power and influence on the global stage.
“As a result of today’s actions, all property and interests in property of these targets that are in the United States or in possession or control of US persons must be blocked and reported,” the State Department said in a press release.
But analysts say more needs to be done.
“Targeting vessels that engage in the illicit export of Tehran’s petroleum and petrochemical products is a good step," said Saeed Ghasseminjad, senior Iran and financial economics adviser at the Foundation for Defence of Democracies.
"Washington must do much more to enforce its sanctions. The Treasury should go after the banks and financial institutions that facilitate these transactions. Furthermore, the designation campaign should go beyond the front companies and should target the Chinese refineries that are using Iranian oil.”
The sanctions come days after a top Defence Department official told a congressional hearing that Iran's nuclear capabilities have advanced significantly since the US left the 2015 Joint Comprehensive Plan of Action in 2018.
Under the nuclear deal, Iran agreed to scale back its nuclear activity in return for sanction relief.
