New US Sanctions Target Iran's Petrochemical, Petroleum Industries - Treasury
Mohammad Ali (@ChaudhryMAli88) Published January 24, 2020 | 12:36 AM
The United States has imposed new Iran-related sanctions against six international petrochemical and petroleum companies and two persons accused of helping Iran skirt sanctions, the Treasury Department's Office of Foreign Assets Control (OFAC) said in a statement on Friday
WASHINGTON (UrduPoint News / Sputnik - 24th January, 2020) The United States has imposed new Iran-related sanctions against six international petrochemical and petroleum companies and two persons accused of helping Iran skirt sanctions, the Treasury Department's Office of Foreign Assets Control (OFAC) said in a statement on Friday.
OFAC "took action against four international petrochemical and petroleum companies that have collectively transferred the equivalent of hundreds of millions of dollars' worth of exports from the National Iranian Oil Company (NIOC), an entity instrumental in Iran's petroleum and petrochemical industries, which helps to finance Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxies," the Treasury said in a statement.
At the same time the State Department imposed sanctions on other companies and senior executives involved in the recent transport of petrochemical products from Iran, the Treasury said. OFAC's website indicated that a total of two individuals and six companies were targeted in the latest Iran-related designations.
According to the Treasury, the sanctioned Triliance Petrochemical Co. Ltd. (Triliance), a Hong Kong-based broker that has branches in Iran, United Arab Emirates (UAE), China, and Germany, last year ordered the transfer of millions of dollars to NIOC as payment for Iranian petrochemicals, crude oil, and petroleum products sent to the UAE and China "after the expiration of any applicable significant reduction exceptions."
"In facilitating these shipments, Triliance worked to conceal the Iranian origin of these products. Triliance has also facilitated the sale of millions of dollars' worth of petroleum products involving Naftiran Intertrade Company, a subsidiary of NIOC, to companies in China," the release noted. "Additionally, Triliance Kish Petrochemical Company, which is the Iran-based branch of Triliance, recently changed its name and operates as Tiba Parsian Kish Petrochemical.
"
"Similarly, in 2019, Hong Kong-based Sage Energy HK Limited (Sage Energy) and Shanghai-based Peakview Industry Co. Limited (Peakview) each ordered the transfer of the equivalent of millions of dollars to NIOC for exports after the expiration of any applicable significant reduction exceptions," it added. "In 2019, Dubai-based Beneathco DMCC also ordered the transfer of the equivalent of several million dollars to NIOC. In late 2018, Beneathco DMCC offered to assist NIOC in hiding the origin of Iranian products destined for the United Arab Emirates."
In May 2018, the United States unilaterally withdrew from the 2015 nuclear agreement with Iran and re-introduced wide-ranging sanctions against Tehran. Washington vowed to drive Iran's oil exports down to zero and demanded that other countries stop any purchases from that country or risk being sanctioned.
The nuclear agreement - also signed by China, France, Germany, Russia, Germany, the United Kingdom and the European Union - stipulated that Iran should keep its nuclear program peaceful and downgrade its uranium reserves in exchange for sanctions relief.
On the first anniversary of the United States' unilateral withdrawal from the nuclear agreement, Iran announced a gradual reduction of its obligations under the accord.
Earlier in January, in the aftermath of the US drone attack that killed top Iranian commander Qasem Soleimani, Iran announced that it was discontinuing its remaining obligations under the nuclear agreement.
Iran's Ambassador to the United Nations Majid Takht Ravanchi said that despite the rollback, Tehran is not interested in possessing nuclear weapons.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 18 April 2024
Today Gold Rate in Pakistan 18 April 2024
Saka and Odegaard start for Arsenal, Guerreiro in Bayern midfield
Qatar PM says re-evaluating Israel-Hamas mediation role
Govt spokesperson terms allegations of PTI's Marwat against Saudi Arabia 'heinou ..
Minister appreciate UAE’s support for Pakistan economic challenges
Manchester City v Real Madrid Champions League starting line-ups
MIGA's support Pakistan in attracting foreign investments: Federal Minister for ..
Walker returns to captain Man City for Real Madrid clash
Action taken against price list violations in Khanewal district
DC chairs review meeting of DEG
Turkey accuses Israel's Netanyahu of using war 'to stay in power'
More Stories From World
-
Karsten Warholm: from local street race to world record
5 minutes ago -
Russian missile barrage on Ukraine city kills 17
5 minutes ago -
Arsenal paid for 'big mistake' in Bayern defeat: Arteta
15 minutes ago -
Biden seeks steel tariffs on 'cheating' China
15 minutes ago -
At IMF, Brazil and France renew push for 'fairer' international taxation
25 minutes ago -
US to reimpose oil sanctions on Venezuela
25 minutes ago
-
US Senate rejects bid to oust homeland security chief
35 minutes ago -
EU weighs response to Russian 'interference' in election runup
45 minutes ago -
Real's shoot-out success showed winning mentality: Bellingham
55 minutes ago -
Tesla asks shareholders to reapprove huge Musk pay deal
2 hours ago -
Real Madrid exact revenge on Man City to reach Champions League semis
2 hours ago -
German far-right firebrand in court for using Nazi slogan
2 hours ago