US sanctions global network of companies, including India-based firm, for role in Iran's petrochemical trade

Posted on 30th Sep 2022 10:11 am by rohit kumar

The United States has imposed sanctions on an international network of companies involved in the sale of Iranian petrochemicals and petroleum products, including an India-based petrochemical company.

 

The US Treasury Department said these punitive measures target Iranian brokers and several major companies in the UAE, Hong Kong, and India that have facilitated the financial transfer and shipping of Iranian petroleum and petrochemical products.

 

Irani petrochemical products were sent to India after buying

 

The US government claims that Trillion, a key component of Iran's petroleum and petrochemical sectors, which brokers the sale of Iranian products to foreign buyers, has purchased Iranian petrochemical products worth millions of dollars from Iran-based petrochemical brokers and shipped them to India. given.

 

It also accused India-based petrochemical company Tibalaji Petrochem Pvt Ltd of buying trillion-brokered petrochemical products, including methanol and base oil, for onward shipments to China.

 

Approved an international network of companies

 

The Treasury Department said in a statement that, today, the U.S. The Department of the Treasury Office of Foreign Assets Control (OFAC) has approved an international network of companies involved in the sale of multimillion-dollar Iranian petrochemicals and petroleum products to end users in South and East Asia.

 

These entities have been instrumental in concealing the origin of Iranian shipments and enabling two approved Iranian brokers, Trillions Petrochemical Company Limited (Trillions) and the Persian Gulf Petrochemical Industry Commercial Company (PGPICC). To transfer funds to buyers in Asia and Iranian petroleum and petrochemicals.

 

These entities were instrumental in concealing the origin of Iranian shipments and transferring funds to two approved Iranian brokers, Trillions Petrochemical Company Limited (Trillions) and the Persian Gulf Petrochemical Industry Commercial Company (PGPICC), enabling them to ship Iranian petroleum. Is.

 

Nominated two organizations

 

Simultaneously with the OFAC designations, the State Department is nominating two entities located in the People's Republic of China (PRC), Zhonggu Storage and Transportation Co. Ltd. and WS Shipping Co. Ltd., for their participation in Iran's petrochemical trade.

 

Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said the United States is committed to severely restricting Iran's illegal oil and petrochemical sales.

 

As long as Iran refuses to reciprocate the full implementation of the Joint Comprehensive Action Plan, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products.

 

As Iran continues to accelerate its nuclear program in violation of the JCPOA, the US government said it would continue to enforce sanctions on Iran's petroleum and petrochemical sales under officials that would be lifted under the JCPOA.

 

These enforcement actions will continue regularly to severely restrict Iran's oil and petrochemical exports.

 

Also Read: India-China Ties: Chinese envoy Sun Weidong said- India-China relations affect the whole world

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