Bloomberg News

U.S. Sanctions on Iran Tankers Seen as No Bar to Asian Dealings

July 13, 2012

Following are comments on the freezing of U.S. assets of Iranian oil-tanker operator NITC Co. from Joe Corless, operations director at Gray Page, which tracks vessels and investigates corporate structures.

The U.S. Treasury Department said yesterday it would block transactions through the country’s financial system involving NITC and 27 affiliated entities as the West tightens sanctions on the Persian Gulf country over its disputed nuclear program. Corless commented by e-mail today.

“This will make it harder for NITC to operate in the open market as that last door on sanctions is closed, although given the situation is already very difficult, this may have only marginal impact. All this achieves is to prevent U.S. entities from dealing with them (who were already indirectly restricted in many ways) and to some extent the EU.

“It still does not stop India, Japan and China and their respective shipowners and importers from dealing with Iran or NITC, especially where there remains a political will to do so. What these three countries do will really make the difference.”

To contact the reporter on this story: Isaac Arnsdorf in London at

To contact the editor responsible for this story: Alaric Nightingale at

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