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US issues new sanctions on Iran, targets Chinese and UAE companies

The United States on Monday imposed sanctions on Chinese and other companies it says were used by one of Iran’s largest petrochemical brokers to sell tens of millions of dollars worth of Iranian products to East Asia. East, as Washington continues to clamp down on Iranian oil sales to the region.

In a statement, the US Treasury Department accused the named companies of being used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. to facilitate the sale of Iranian petroleum and petrochemical products from Iran to East Asia. .

The United States on Monday imposed sanctions on four companies from Hong Kong, one from the United Arab Emirates and one from Singapore, according to the Treasury website, the latest salvo in its increased effort to enforce US sanctions aimed at reducing the Iran’s revenues from oil and petrochemicals.

The action freezes all US-based assets and generally bars Americans from doing business with them. Those who engage in certain transactions with the companies also risk being hit with penalties.

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

Efforts to resuscitate the deal – under which Iran curbed its nuclear program in exchange for relief from US and other sanctions – have so far failed, leading the US administration to seek other means of increasing pressure on Iran.

“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,” said the Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, in the release, referring to the 2015 agreement by its official name.

“Until Iran is ready to return to full implementation of its commitments, we will continue to apply sanctions against the illicit sale of Iranian oil and petrochemicals.”

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