New US Sanctions Target Iran's Petrochemical, Petroleum Industries - Treasury

New US Sanctions Target Iran's Petrochemical, Petroleum Industries - Treasury

The United States has imposed new Iran-related sanctions against six international petrochemical and petroleum companies and two persons accused of helping Iran skirt sanctions, the Treasury Department's Office of Foreign Assets Control (OFAC) said in a statement on Friday

WASHINGTON (Pakistan Point News / Sputnik - 24th January, 2020) The United States has imposed new Iran-related sanctions against six international petrochemical and petroleum companies and two persons accused of helping Iran skirt sanctions, the Treasury Department's Office of Foreign Assets Control (OFAC) said in a statement on Friday.

OFAC "took action against four international petrochemical and petroleum companies that have collectively transferred the equivalent of hundreds of millions of dollars' worth of exports from the National Iranian Oil Company (NIOC), an entity instrumental in Iran's petroleum and petrochemical industries, which helps to finance Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxies," the Treasury said in a statement.

At the same time the State Department imposed sanctions on other companies and senior executives involved in the recent transport of petrochemical products from Iran, the Treasury said. OFAC's website indicated that a total of two individuals and six companies were targeted in the latest Iran-related designations.

According to the Treasury, the sanctioned Triliance Petrochemical Co. Ltd. (Triliance), a Hong Kong-based broker that has branches in Iran, United Arab Emirates (UAE), China, and Germany, last year ordered the transfer of millions of dollars to NIOC as payment for Iranian petrochemicals, crude oil, and petroleum products sent to the UAE and China "after the expiration of any applicable significant reduction exceptions."

"In facilitating these shipments, Triliance worked to conceal the Iranian origin of these products. Triliance has also facilitated the sale of millions of dollars' worth of petroleum products involving Naftiran Intertrade Company, a subsidiary of NIOC, to companies in China," the release noted. "Additionally, Triliance Kish Petrochemical Company, which is the Iran-based branch of Triliance, recently changed its name and operates as Tiba Parsian Kish Petrochemical."

"Similarly, in 2019, Hong Kong-based Sage Energy HK Limited (Sage Energy) and Shanghai-based Peakview Industry Co. Limited (Peakview) each ordered the transfer of the equivalent of millions of dollars to NIOC for exports after the expiration of any applicable significant reduction exceptions," it added. "In 2019, Dubai-based Beneathco DMCC also ordered the transfer of the equivalent of several million dollars to NIOC. In late 2018, Beneathco DMCC offered to assist NIOC in hiding the origin of Iranian products destined for the United Arab Emirates."

In May 2018, the United States unilaterally withdrew from the 2015 nuclear agreement with Iran and re-introduced wide-ranging sanctions against Tehran. Washington vowed to drive Iran's oil exports down to zero and demanded that other countries stop any purchases from that country or risk being sanctioned.

The nuclear agreement - also signed by China, France, Germany, Russia, Germany, the United Kingdom and the European Union - stipulated that Iran should keep its nuclear program peaceful and downgrade its uranium reserves in exchange for sanctions relief.

On the first anniversary of the United States' unilateral withdrawal from the nuclear agreement, Iran announced a gradual reduction of its obligations under the accord.

Earlier in January, in the aftermath of the US drone attack that killed top Iranian commander Qasem Soleimani, Iran announced that it was discontinuing its remaining obligations under the nuclear agreement.

Iran's Ambassador to the United Nations Majid Takht Ravanchi said that despite the rollback, Tehran is not interested in possessing nuclear weapons.