US targets Chinese, UAE companies in new oil sanctions on Iran

US targets Chinese, UAE companies in new oil sanctions on Iran
Written by admin

The gasoline pump model is seen in front of the U.S. and Iranian flag colors in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration

Sign up now for FREE unlimited access to

WASHINGTON, Aug 2 (Reuters) – The United States on Monday imposed sanctions on Chinese companies and others it said helped sell tens of millions of dollars worth of Iranian oil and petrochemicals to East Asia, in a bid to ratchet up pressure. on Tehran to curb its nuclear program.

The US Treasury and US State Departments have imposed sanctions on a total of six companies, four based in Hong Kong, one in Singapore and one in the United Arab Emirates (UAE) in actions that are announced in separate statements.

The Treasury accused the Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of Iran’s largest petrochemical brokers, of using the companies to facilitate the sale of Iranian oil and petrochemical products to East Asia.

Sign up now for FREE unlimited access to

Treasury targeted UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC, which it said helped sell millions of dollars worth of Iranian-origin petroleum products to Hong Kong-based Triliance Petrochemical Co. . Ltd., which has previously been sanctioned by the United States.

It also took aim at Farwell Canyon HK Limited and Hong Kong-based Shekufei International Trading Co., Limited for facilitating such sales for onward shipment to buyers in East Asia.

The Treasury accused PGPICC of using the companies’ bank accounts, along with those of Hong Kong and Malaysia-based PZNFR Trading Limited, to collect millions of dollars in profits.

Separately, the State Department sanctioned Singapore-based Pioneer Ship Management PTE LTD for allegedly managing a vessel carrying Iranian oil products and Hong Kong-based Golden Warrior Shipping, Co. Ltd., for alleged transactions related to Iranian oil and oil products.

The actions freeze US-based assets and generally prevent Americans from dealing with them. Others who participate in certain transactions with the targeted companies are also at risk of being penalized.

The steps represent the third round of Iran-related sanctions by the United States against Chinese companies in the past two months.

Since taking office in 2021, US President Joe Biden has been reluctant to sanction Chinese entities involved in oil trade with Iran in hopes of securing a deal to revive the nuclear deal. from Iran in 2015.

Efforts to resurrect the deal, under which Iran had curbed its nuclear program in exchange for sanctions relief from the US and other countries, have so far failed, prompting Washington to seek other ways to ratchet up pressure. about Tehran.

“The United States continues to follow the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in the statement, referring to the 2015 deal by his formal name.

“Until Iran is ready to return to full implementation of its commitments, we will continue to impose sanctions on the illicit sale of Iranian oil and petrochemical products.”

Reacting to the new sanctions, Iranian Foreign Ministry spokesman Nasser Kanaani said in a statement that Iran will respond “decisively and firmly” to the continuation of White House sanctions.

Sign up now for FREE unlimited access to

Reporting from Daphne Psaledakis, Arshad Mohammed, and Kanishka Singh in Washington; Edited by Bernadette Baum and Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

About the author


Leave a Comment