Tags: iran | oil | revolutionary | guard

US Links Iran's State Oil Company to Revolutionary Guards

Monday, 24 Sep 2012 03:35 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The U.S. government officially linked Iran's state oil company to the country's Islamic Revolutionary Guard Corps on Monday, a determination that enables Washington to apply new sanctions on foreign banks dealing with the company.

The Treasury Department determined that the National Iranian Oil Company is "an agent or affiliate" of the guard corps (IRGC), which the United States has long sanctioned for terrorism and human rights abuses.

Congress directed Treasury to determine whether Iran's oil and tanker companies were linked to the IRGC as part of a new package of sanctions signed into law in August.

Adam Szubin, the head of Treasury's Office of Foreign Assets Control, told Congress that the IRGC's influence has grown in the oil company and Iran's energy sector.

But Szubin said there was not enough information at this time to conclude that the National Iranian Tanker Company was also linked to the IRGC.

U.S. backers of sanctions applauded the determination as Washington tightens sanctions over Iran's oil sales to cut funding to its nuclear program that the West believes is to make bombs. Tehran says the program is purely for civilian purposes.

"Oil transactions with NIOC directly support the IRGC's role in Iran's nuclear-weapons program and its support for terrorism," Representative Howard Berman, the top Democrat on the House Foreign Affairs Committee, said in a statement.

Senator Robert Menendez, a Democrat who helped craft the sanctions law, urged the Obama administration to continue investigating whether Iran's elite guards are linked to the tanker company. (Reporting by Roberta Rampton and Timothy Gardner; Editing by James Dalgleish and Philip Barbara)

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Immigration Official: Agency 'Going to Be Ready' for Obama Orders

Tuesday, 21 Oct 2014 23:37 PM

The Obama administration is readying executive orders that would benefit as many as 11 million illegal immigrants in the . . .

Report: Leon Panetta's Memoir May Have Violated Secrecy Pact

Tuesday, 21 Oct 2014 23:22 PM

Former CIA director Leon Panetta clashed with the agency over his hard-hitting memoir "Worthy Fights," and let the publi . . .

Report: Opium Trade Booming in Afghanistan

Tuesday, 21 Oct 2014 23:07 PM

A new report claims Afghanistan's opium trade is booming despite more than $7 billion in American efforts to slow down t . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved