UAE-based Royal Oyster Group, one of the companies facing US sanctions for trade with Iran, denied it was involved in importing fuel into Iran.

"We think this is unfair," an executive at the company said on the condition of anonymity. "We knew there is no problem of exporting out of Iran, but there is problem in importing and we were on the export side."

"We were taking some base oils and bringing them to places like Oman, India and the UAE," he added.

The US has announced sanctions on Venezuela's state oil firm PDVSA and six other oil and shipping companies for engaging in trade with Iran in violation of ban, adding further pressure on the Islamic republic after the EU on Monday extended sanctions.-Reuters