US and UK Pile on Sanctions to Increase Pressure on Iran and Russia
The UK launched its second package of sanctions in a week, targeting Russia’s oil and financial interests, while the United States added sanctions on Iran’s petrochemical industry as part of an economic campaign launched in August. The U.S. action, coordinated by the State Department and Treasury, targeted the shadow tanker fleet and petrochemical traders, listing 17 additional tankers and, separately, 10 entities, six individuals, and five vessels. The UK said that with two more Russian oil companies added, it now has over 90 percent of Russia’s total oil production capacity under sanctions, and it added 12 more oil tankers.
Why it matters: The measures illustrate the continued use of sanctions as a primary tool of Western economic pressure on Russia and Iran.