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US Sanctions 11 Companies For Facilitating Sale Of Iranian Petrochemicals

The US Treasury Department says it has added 11 companies and three individuals to the sanctions list for aiding an Iranian energy company that was blacklisted in January and also for facilitating the export of Iran’s petroleum products.

The Treasury’s Office of Foreign Assets Control (OFAC) announced in a statement on Thursday that it has designated six entities based in Iran, UAE and China for their support to Triliance Petrochemical Co. Ltd. (Triliance), an entity blacklisted by Treasury in January 2020.

According to the statement, these entities support Triliance’s continued involvement in the sale of Iranian petrochemical products, including efforts to hide or otherwise obscure its involvement in sales contracts.

The United States withdrew from the 2015 Iran nuclear agreement known as JCPOA in May 2018 and imposed stringent sanctions on Iran, which is now facing a serious economic crisis and using whatever means possible to circumvent the sanctions.

Iran's oil industry and most major sectors such as banking are strictly controlled by the Islamic ruling establishment; particularly the Revolutionary Guard (IRGC). This means that revenues from exports are used for regional and military policies Washington and its allies deem as threats.

The US Department of State has also imposed sanctions today on five other entities for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran. Three individuals who are principal executive officers of the sanctioned entities have also been sanctioned.

“The Iranian regime uses revenue from petrochemical sales to continue its financing of terrorism and destabilizing foreign agenda,” said Treasury Secretary Steven Mnuchin. “The Trump administration remains committed to targeting those contributing to Iran’s attempts to evade U.S. sanctions by facilitating the illicit sale of Iranian petroleum products around the world.”

“All entities targeted today continued to facilitate Iran’s export of petroleum, petroleum products, and petrochemicals contrary to U.S. sanctions. This is another reminder that the United States will not waiver in its commitment to sanctions enforcement. Our sanctions will remain in place until Iran changes its behavior," U.S Secretary of State Mike Pompeo said in a statement.

Abadan Oil Refining Company and Zagros Petrochemical are among the sanctioned companies.


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