Oil & Gas

Chinese, UAE Firms Hit With US Sanctions Over Iran Oil Trading

 

The United States has imposed sanctions on 13 companies in China, Hong Kong and the United Arab Emirates that it says helped sell “hundreds of millions of dollars” of Iranian oil and petroleum products to buyers in East Asia.

The latest move against Iranian oil smuggling comes as efforts to revive Iran’s 2015 nuclear deal have stalled and ties between the Islamic Republic and the West are strained as Iranians continue to stage anti-government protests.

Washington has targeted Chinese companies over the export of Iran’s petrochemicals as the prospects of reviving the nuclear pact have dimmed.

The US Treasury Department in a statement said the 13 companies designated on Thursday facilitated the sales of hundreds of millions of dollars worth of Iranian petrochemicals and petroleum products to buyers in East Asia.

It said this was done on behalf of companies already under US sanctions, including the National Iranian Oil Company and Triliance Petrochemical Co Ltd.

“Today’s action further demonstrates the complex sanctions evasion methods Iran employs to illicitly sell petroleum and petrochemical products,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement.

“The United States will continue to implement sanctions against those actors facilitating these sales.”

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Iran’s mission to the United Nations in New York did not immediately respond to a request for comment.

Among those designated were United Arab Emirates and Hong Kong-based companies the Treasury accused of being tied to Triliance Petrochemical, the latest action targeting what Washington says is the Hong-based firm’s evasion of US sanctions.

Also among those targeted was Dubai-based Access Technology Trading LLC, which Treasury accused of purchasing petrochemicals from US-sanctioned Persian Gulf Petrochemical Industry Commercial Co worth tens of millions of dollars for shipment to China.

China-based East Asia Trading Import and Export Trade Co Ltd is also on the list, with Washington accusing it of facilitating a shipment of petroleum to a foreign customer for the National Iranian Oil Company and its marketing arm.

These companies could not be immediately reached for comment.

Thursday’s move freezes any US assets of those designated and generally bars Americans from dealing with them. Those that engage in certain transactions with the companies also risk being hit with sanctions.

 

  • Reuters with additional editing by Jim Pollard

 

 

ALSO SEE:

 

US Sanctions Indian, UAE, China Firms for Iran Oil Deals

 

Hong Kong, Singapore, UAE Firms Hit With US Iran Oil Sanctions

 

US Sanctions China Traders Accused of Funnelling Oil Revenue to Iran

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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