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Iran Continues Oil Exports Via Ship-to-Ship Transfers Amid US Sanctions
๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Economy & Trade

Iran Continues Oil Exports Via Ship-to-Ship Transfers Amid US Sanctions

From Dong-A Ilbo · (38m ago) Korean

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • Iran continues to export crude oil through ship-to-ship transfers, circumventing US sanctions.
  • At least 13 tankers have offloaded Iranian oil near Indonesia's Riau Islands, valued at $2 billion.
  • While US sanctions have reduced the volume of Iranian oil in international waters, China remains a major buyer.

Despite the United States' stringent sanctions, Iran has found innovative ways to continue its oil exports, demonstrating resilience in its economic strategy. The Washington Post's report, citing tanker trackers and satellite imagery, reveals that Iran is utilizing ship-to-ship transfers in international waters to move its crude oil, particularly to China, which accounts for over 90% of Iran's oil purchases.

This method, involving the discreet transfer of oil from Iranian tankers to vessels of other nationalities near Indonesia's Riau Islands, highlights Iran's determination to circumvent the US "Economic Fury" operation. The US claims this operation has severely choked Iran's economy, but the continued, albeit reduced, flow of oil suggests otherwise. The volume of Iranian oil in the region has decreased significantly, indicating the pressure is mounting, but not entirely effective.

From Iran's perspective, these tactics are crucial for maintaining revenue streams that fund a substantial portion of the government's budget. While Western media, like the US government, focuses on the "overwhelming success" of the sanctions, Iranian state media would likely frame this as a testament to the nation's ability to withstand external pressure and continue its economic activities. The story underscores the cat-and-mouse game between sanctioning nations and those seeking to evade them, with strategic locations like the Malacca Strait playing a vital role in global trade routes.

The US blockade has caused more than 50 ships to turn back or return to port, contributing to the overwhelming success of the 'Economic Fury' operation. Iran's economy is in complete suffocation.

โ€” Anna KellyWhite House spokesperson Anna Kelly commented on the effectiveness of US sanctions to The Washington Post.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.