U.S. targets Hong Kong, UAE firms with new Iran sanctions

The United States on Wednesday imposed sanctions on a network of Hong Kong, UAE and other companies accused of helping ship and sell Iranian oil and petrochemicals to East Asia, putting pressure on Tehran as Washington seeks to revive the 2015 Iran nuclear deal.

The U.S. Treasury Department said in a statement that a network of people and entities used a network of front companies in the Persian Gulf to facilitate the delivery and sale of hundreds of millions of dollars worth of products by Iranian companies to East Asia.

In Doha last week, indirect talks between Tehran and Washington did not end with a breakthrough on how to salvage Iran’s 2015 nuclear deal.

“While the United States is committed to reaching an agreement with Iran and seeking to jointly restore compliance with the Joint Comprehensive Plan of Action, we will continue to use all of our powers to impose sanctions on the sale of Iranian oil and petrochemicals,” said Brian Treasury, Terrorism and Finance Undersecretary for Intelligence Nelson said.

Named in Wednesday’s operation was Iran-based Jam Petrochemical, which Washington has accused of exporting petrochemicals to companies across East Asia, many of which are sold to U.S.-sanctioned Iranian petrochemical business companies, which are then shipped to China.

Jam did not immediately respond to a request for comment.

Edgar Business Solutions, which buys and exports petrochemicals from sanctioned Iranian companies, was also targeted, the Treasury said. Washington said the company used a Hong Kong-based front company, Lustro Industry Limited, also named on Wednesday, to disguise its role in bulk purchases of petrochemicals.

Ali Almutawa Petroleum and Petrochemical Trading Company is a front company for the US-sanctioned Triliance Petrochemical Company, one of the companies targeted by the operation.

Reuters could not immediately reach Edgar Commercial Solutions, Lustro Industry Limited and Ali Almutawa Petroleum and Petrochemical Trading for comment.

Companies in Vietnam and Singapore were also designated.

The move freezes any U.S. assets of the designees and generally bars Americans from dealing with them. Those dealing with targeted individuals and entities may also be subject to sanctions.