US imposes new Iran sanctions on Hong Kong and UAE firms

WASHINGTON, July 6 (Reuters) – The United States on Wednesday imposed sanctions on a network of Hong Kong, United Arab Emirates and other companies it accuses of helping ship and sell Iranian oil and petrochemicals to East Asia and, like Washington, has imposed sanctions Tehran exerts pressure. Seeking 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 Gulf cover companies 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. read more

“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.

Also targeted is Edgar Commercial Solutions FZE, which the Treasury Department says buys and exports petrochemicals from sanctioned Iranian companies. 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 LLC is the front company for the U.S.-sanctioned Triliance Petrochemical Co. Ltd, one of several United Arab Emirates companies in the operation.

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

Reporting by Daphne Psaledakis; Editing by Howard Gowler

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