US Sanctions Several Entities In China, UAE, India Over Iran’s Trade

As part of US measures to disrupt Iran’s efforts to evade sanctions, the Treasury Department has levied new sanctions on a series of entities in India, China, and the UAE for their illicit trade.

On Thursday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned an international network of companies involved in the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to end users in South and East Asia.

Several Iranian brokers and front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum and petrochemical products were targeted in the new move.

“These entities have played a critical role in concealing the origin of the Iranian shipments and enabling two sanctioned Iranian brokers, Triliance Petrochemical Co. Ltd. (Triliance) and Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), to transfer funds and ship Iranian petroleum and petrochemicals to buyers in Asia,” the Treasury said.

In addition to the measures by the Treasury, the Department of State designated two China-based entities, namely Zhonggu Storage and Transportation Co. Ltd. and WS Shipping Co. Ltd., for their involvement in Iran’s petrochemical trade.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “The United States is committed to severely restricting Iran’s illicit oil and petrochemical sales. So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products.”