U.S. Imposes Sanctions on Companies Over Iranian Petrochemicals

ICBPS– The United States has imposed sanctions on several companies over sales of Iran petroleum and petrochemicals.

In a statement, the U.S. Department of State on Thursday declared that it Imposed sanctions on entities for engaging in transactions related to the Islamic Republic of Iran’s Petroleum and Petrochemical Industry.

Washington on Thursday imposed sanctions on several companies, accusing them of enabling the shipment and sale of Iranian petrochemicals, the Treasury Department said in a statement.

The United States sanctioned 11 entities for facilitating exports of Iran’s petroleum and petrochemical products, contrary to existing U.S. sanctions. We also sanctioned three of these entities’ executives. We will not hesitate to enforce these measures. https://t.co/lmGHFD4yFa

— Ned Price (@StateDeptSpox) September 3, 2020

“Today, the Department of State imposed sanctions on five entities under section 3(a)(ii) of Executive Order (E.O.) 13846 for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.  The Department of State also imposed sanctions under section 5(a)(vii) of E.O. 13846 on three individuals who serve as principal executive officers of the sanctioned entities, or perform similar functions and with similar authorities as a principal executive officer,” according the statement.

“The Islamic Republic of Iran’s petroleum industry is a major source of revenue for the rulers in Tehran and funds their malign activities throughout the Middle East: The State of Department.

Sanctions alert: U.S. sanctioning six entities for support to Triliance Petrochemical Co. Ltd. They are based in #Iran, #UAE, & #China. Also U.S. sanctioning five entities for significant transactions relating to petroleum or petroleum products from #Iran. https://t.co/SoNmxvJMJi pic.twitter.com/thlWczjd0n

— Jason Brodsky (@JasonMBrodsky) September 3, 2020

“Our actions today reaffirm the United States’ commitment to denying the Iranian regime the financial resources it needs to fuel terrorism and other destabilizing activities.  We call on the regime yet again to stop undermining the Iranian people’s prosperity by exploiting Iran’s natural resources to sow chaos and destruction,” the State of Department added in its statement.

“The entities sanctioned today are Iran-based Abadan Refining Company; China based Zhihang Ship Management CO Ltd., New Far International Logistics LLC and Sino Energy Shipping Ltd.; and United Arab Emirates (UAE) based Chemtrans Petrochemicals Trading LLC.  The individuals sanctioned today are:  Min Shi, employee of New Far; Zuoyou Lin, employee of Sino Energy; and Alireza Amin, employee of Abadan.”

The Department of the Treasury also slaped sanctions on six entities – based in Iran — for their support to Triliance Petrochemical Co. Ltd., an entity designated by Treasury and State in January 2020, and for related activities.  These entities, based in Iran, UAE, and China, support Triliance’s continued involvement in the sale of Iranian petrochemical products, including efforts by Triliance to hide or otherwise obscure its involvement in sales contracts.  These entities are:  Iranian company Zagros Petrochemical Company; UAE-based Petrotech FZE (located in the Hamriya Free Zone, Sharjah, UAE) and Trio Energy DMCC; and Hong Kong-based Chinese entities Jingho Technology Co. Limited, Dynapex Energy Limited, and Dinrin Limited.

“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 waver in its commitment to sanctions enforcement.  Our sanctions will remain in place until Iran changes its behavior.”