The United States has imposed more sanctions on Iran, the US Treasury’s Office of Foreign Assets Control announced Wednesday.
The Treasury sanctioned an international evasion network supporting Iranian petrochemicals sales. The targeted web of Gulf-based front companies was used to facilitate the delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian firms to East Asia.
“While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.
In addition, the State Department imposed sanctions on five entities based in Iran, Vietnam, and Singapore and two vessels in connection with “significant transactions” for the sale and transport of petroleum products from Iran on or after November 5, 2018.
The Iran-based Jam Petrochemical Company (JPC), Edgar Commercial Solutions FZE, Olgei International Trading Company Ltd., Lustro Industry Ltd., Almutawa Petroleum and Petrochemical Trading LLC (Ali Almutawa), and UAE-based Petrokick LLC, Behran Oil were targeted in the sanctions.
Also listed were UAE-based Iranian nationals Morteza Rajabieslami and Mahdieh Sanchuli, who have partnered since 2019 to export Iranian crude oil and petrochemical products on behalf of a Switzerland-based firm owned or controlled by the Iranian government that was sanctioned by the US in 2008.
Sanctions Implications
“As a result of today’s action, all property and interests in property of these targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC,” the Treasury said in its announcement.
“In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons.
“In addition, persons that engage in certain transactions with the individuals and entities designated today may themselves be exposed to sanctions or subject to an enforcement action.
“Furthermore, unless an exception applies, any foreign financial institution that knowingly facilitates a significant transaction for any of the individuals or entities designated today could be subject to US sanctions.”
