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As part of U.S. measures to undermine Iran’s efforts to evade sanctions, the U.S. Treasury Department has imposed new sanctions on a range of entities in India, China and the United Arab Emirates in response to their illicit trade.
On Thursday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) Approved for an international company network Involves the sale of Iranian petrochemicals and petroleum products worth hundreds of millions of dollars to end users in South and East Asia.
Several Iranian brokers and front companies in UAE, Hong Kong and India The goal of the new initiative is to facilitate financial transfers and shipments of Iranian oil and petrochemicals.
“These entities played a key role in hiding the origin of Iranian goods and enabled the two sanctioned Iranian brokers, Triliance Petrochemical Company Limited (Triliance) and Persian Gulf Petrochemical Industries Commercial Company (PGPICC), to transfer funds and ship Iran to Asia Buyers supply oil and petrochemicals,” the Treasury said.
In addition to the measures of the Ministry of Finance, the State Council Designate two Chinese entitiesnamely Zhonggu Storage and Transportation Co., Ltd. and WS Shipping Co. Ltd. are involved in Iran’s petrochemical trade.
Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said: “The United States is committed to severely restricting Iran’s illicit oil and petrochemical sales. As long as Iran refuses to mutually restore full implementation of the Joint Comprehensive Plan of Action, the United States will continue to Sanctions on sales of Iranian oil and petrochemicals.”
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