Abu Dhabi, UAEThursday 29 October 2020

US penalises companies skirting Iran oil sanctions

Six companies accused of doing business with Triliance Petrochemical, which is front for oil sales

The US has accused six firms of helping already sanctioned companies try to evade American sanctions on the export of Iranian oil. AP Photo
The US has accused six firms of helping already sanctioned companies try to evade American sanctions on the export of Iranian oil. AP Photo

The US on Thursday imposed sanctions on several companies, accusing them of enabling the shipment and sale of Iranian petrochemicals, the Treasury Department said.

Treasury said it imposed sanctions on six companies based in Iran, elsewhere in the Middle East and in China, which it said supported Triliance Petrochemica.

Triliance has been blacklisted by the US.

The State Department said it also imposed sanctions on five entities for engaging in transactions related to Iran’s petroleum and petrochemical industry, and on three people.

“The Iranian regime uses revenue from petrochemical sales to continue its financing of terrorism and destabilising foreign agenda,” said Steve Mnuchin, the US Treasury Secretary.

“The Trump administration remains committed to targeting those contributing to Iran’s attempts to evade US sanctions by facilitating the illicit sale of Iranian petroleum products around the world.”

Triliance Petrochemical was designated by the US in January 2020 alongside other companies that earned hundreds of millions of dollars for the National Iranian Oil Company.

That money was then used to help finance the Islamic Revolutionary Guard Corps-Quds Force and terrorist proxies, the Treasury said.

“Iran’s petroleum and petrochemical industries are major sources of revenue for the Iranian regime and fund its malign activities throughout the Middle East,” it said.

“Triliance has used various front companies to purchase, or facilitate the purchase and movement of, petrochemical products from Iran.

"The entities targeted today help facilitate Iran’s petrochemical and petroleum exports in contravention of US economic sanctions.”

The companiesare accused of being involved in the purchase or hiding the purchase of oil products by Triliance on behalf of the National Iranian Oil Company.

Updated: September 4, 2020 01:59 AM

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