• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 3 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 5 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 11 mins Apology Accepted!
  • 3 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 4 hours Putin Paid Militants to Kill US Troops
  • 3 hours Why Oil could hit $100
  • 9 hours The Political Genius of Donald Trump
  • 1 day U.S. natural gas at major disadvantage in Europe and China.
  • 1 day Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 38 mins Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 1 day The world is headed for big problems - interview with very smart economist
  • 1 day CoVid in Spain, 9 months before China
U.S. Shale Needs To Rethink Its Strategy To Survive

U.S. Shale Needs To Rethink Its Strategy To Survive

The U.S. shale industry continues…

Libya's Oil Blockade Could Soon Come To An End

Libya's Oil Blockade Could Soon Come To An End

The leaders of groups affiliated…

Five Americans Charged With Breaking Iran Oil Sanctions

Five U.S. citizens have been charged with an attempt to violate U.S. sanctions against Iran by buying oil from Iran and selling it in China, the U.S. Attorney’s Office for the Eastern District of Pennsylvania said in a statement.

The accused are all but one from Texas, with the last one from New York, and they were each charged with “one count of conspiracy and one count of violating IEEPA, based on allegations that from July 2019 to February 2020 they conspired in Philadelphia and elsewhere to arrange for the purchase of oil from the Islamic Republic of Iran, in violation of United States economic sanctions imposed on Iran, for sale to a refinery in China.”

The alleged conspiracy involved a shell company based in Poland, through  which they would buy the oil, with plans for two shipments every month that would generate profits seen at some $28 million monthly. What’s more, one of the accused, Daniel Ray Lane, had offered to launder the money from the sale of the Iranian oil through a company he owns called STACK Royalties.

“These defendants allegedly conspired to circumvent economic sanctions enacted to protect the United States’ national security,” a special agent from the FBI, which uncovered the scheme, said in the DoJ statement. “In their minds, sanctions weren’t so much an impediment as an opportunity. They thought they could make their millions and escape the United States Government’s notice. Well, as these charges show, they were wrong. The FBI takes sanctions violations extremely seriously and will bring all our investigative resources to bear, to end such harmful and illegal activity.”

If the accused are convicted they will be facing a maximum prison sentence of 25 years and a fine of up to $1.25 million each.

The United States is pursuing a maximum pressure campaign against Iran aiming to cut off its oil export entirely, but so far the campaign has fallen short of its goal. However, the sanctions have severely reduced the flow of oil from Iran overseas, crippling the country’s economy.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News