The US Department of Treasury sanctioned eight entities for their participation in the sale and purchase of Iranian petrochemical products brokered by Triliance Petrochemical, an entity that was sanctioned in January 2020.

Hossein Firouzi Arani, Amir Hossein Bahraini, Ramezan Oladi, Arya Sasol polymer company, and Morvarid Petrochemical are among the Iranian entities and individuals sanctioned by the Treasury Department.

The sanctioned entities based in Iran, China, and Singapore, have engaged in transactions facilitated by Triliance or assisted Triliance’s efforts to process and move funds generated by the sale of those petrochemical products.

On Monday, October 26, the US Treasury also sanctioned Iran’s Ministry of Oil, the Minister of Oil Bijan Zanganeh, and Iranian National Oil Company, National Oil Tanker Company, and seven individuals for their role in the activities of the Ministry of Oil.

“The Iranian regime benefits from a global network of entities facilitating the Iranian petrochemical sector,” said US Secretary of Treasury Steven Mnuchin. “The United States remains committed to targeting any revenue source the Iranian regime uses to fund terrorist groups and oppress the Iranian people.”

The US Treasury stated that the Oil Ministry and the Minister of oil fund IRGC’s Qods Force activities in the Middle East.

The Treasury Department statement said: “Iran’s petroleum and petrochemical industries are major sources of revenue for the Iranian regime and fund its malign activities throughout the Middle East. Triliance has used and continues to use, various front companies to purchase, or facilitate the purchase and movement of, petrochemical products from Iran to foreign buyers, and some of the entities targeted today help facilitate Iran’s petrochemical and petroleum exports in contravention of U.S. economic sanctions.”

These sanctions implicate that all property and interests in property of these persons sanctioned subject to US jurisdiction are blocked, and US persons are generally prohibited from engaging in transactions with them. In addition, foreign financial institutions that knowingly facilitate significant transactions for, or persons that provide material or certain other support to, the persons designated today risk exposure to sanctions that could sever their access to the U.S. financial system or block their property and interests in property under U.S. jurisdiction.

Wall Street Journal reported on Saturday that the Trump administration is planning on new sanctions against the regime of Iran before the US presidential election, so in case of a Biden win, the next administration will not be able to undermine them.