July 18, 2024

US sanctions 8 companies over Iran petrochemical sales


The United States Treasury Department has sanctioned eight entities for their alleged involvement in the sale and purchase of Iranian petrochemical products.

According to a Treasury Department statement released on 29th October, 2020, the products were brokered by Triliance Petrochemical Co. Ltd., an entity that Washington designated in January.

“These entities, based in Iran, China and Singapore, engaged in transactions facilitated by Triliance or otherwise assisted Triliance’s efforts to process and move funds generated by the sale of those petrochemical products,” said the department.

Washington accuses Tehran of using revenue from petrochemical sales to finance its “destabilizing agenda of support to corrupt regimes and terrorist groups” in the Middle East and Venezuela.

“The Iranian regime benefits from a global network of entities facilitating the Iranian petrochemical sector,” said Treasury Secretary Steven Mnuchin.

Mnuchin added that “The United States remains committed to targeting any revenue source the Iranian regime uses to fund terrorist groups and oppress the Iranian people.”

They include Iran’s Morvarid Petrochemical Company and Arya Sasol Polymer Company; Singapore-based Jiaxiang Energy Holding Pte. Ltd.; and Chinese companies Binrin Limited, Elfo Energy Holding Limited, Glory Advanced Limited, Jane Shang Co. Limited, and Sibshur Limited.

All property and interests in property of persons designated subject to US jurisdiction are blocked, and Americans are prohibited from engaging in transactions with them.

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