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US hits Iranian shipping with sanctions

The US Treasury targeted companies and individuals affiliated with Iran`s national shipping line with measures to isolate them from US finance and commerce.



Washington: The US Treasury targeted
companies and individuals affiliated with Iran`s national
shipping line on Monday with measures to isolate them from US
finance and commerce.

In slapping sanctions on 10 shipping companies and
three individuals linked to the Islamic Republic of Iran
Shipping Lines, the Treasury said it was "responding to Iran`s
continued efforts to evade sanctions and its ongoing creation
and use of new front companies, subsidiaries and affiliates to
protect IRISL and to advance its proliferation activities."

The measures targeted IRISL`s operations in Britain,
China, Singapore and the United Arab Emirates.

"As the private sector around the world increasingly
turns its back on Iran`s national shipping line, IRISL`s
efforts to evade international sanctions and increased
scrutiny have grown more and more desperate," Adam Szubin,
director of Treasury`s Office of Foreign Assets Control, said
in a statement.

"The persistent attempts by IRISL to deceived the
world, including through the front companies identified on Monday,
attest to the weakness of IRISL as it tries to maintain a
semblance of legitimacy while supporting Iran`s proliferation
activities."

UAE-based firms Pacific Shipping, Great Ocean Shipping
Services, Azores Shipping, Atlantic Intermodal, Crystal
Shipping and Pearl Shipping were among the designated
companies.

PTI

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