US imposes sanctions on Iran, targets Chinese, Emirati oil companies

WASHINGTON, July 6 (Reuters) – The United States on Wednesday imposed sanctions on a network of Chinese, UAE and other companies accused of supplying and selling Iranian oil and petrochemical products to East Asia. Accused of aid and pressured Tehran to try to revive it. 2015 Iran Nuclear Agreement.

The US Treasury Department said in a statement that networks of individuals and entities used the websites of leading companies in the Gulf to facilitate the transfer and sale of hundreds of millions of dollars worth of products from Iranian companies to China and other parts of East Asia.

Washington has increasingly targeted Chinese companies over Iran’s petrochemical exports as the prospects for a nuclear deal revived.

Indirect talks between Tehran and Washington in Doha last week ended without any progress on how to salvage the deal, under which Iran was involved in its nuclear program. read more

Then – US President Donald Trump rescinded the agreement in 2018 and reimposed sanctions, urging Iran – which says its program is for peaceful purposes – to start violating the agreement’s nuclear limits.

“While the United States is committed to reaching an agreement with Iran that seeks a reciprocal return to compliance with the (2015) nuclear deal, we will continue to impose sanctions on the sale of Iranian oil and petrochemicals. Let’s continue with all our officials to implement it. ” Nelson, deputy finance minister for terrorism and financial intelligence, said.

Among those appointed by the Treasury Department was the Iranian-based Jam Petrochemical Company, which was accused of exporting petrochemical products to companies in East Asia, many of which were approved by the United States for shipment to China. Sold to the company.

Jam did not immediately respond to a request for comment.

UAE-based Adgar Trade Solutions FZE has also been targeted, which according to the Treasury buys and exports petrochemical products from banned Iranian companies for shipping to China.

Washington said the company used Hong Kong-based front company Lustro Industries Limited, also set for Wednesday, to hide its role in the massive purchase of petrochemical products.

Ali Al-Mutawa Petroleum and Petrochemical Trading LLC, a Hong Kong-based Triliance Petrochemical Co. Ltd has been accused of being a leading company, also targeted.

Reuters could not immediately be reached for comment.

Despite US sanctions on China’s oil exports over the past two years, China’s refineries are largely buying oil from Iran. Oil is the lifeblood of Iran’s economy, and Chinese imports have helped keep Tehran afloat.

Brian O’Toole, a former Treasury official, said that given Iran’s apparent impediment to Iran’s return to the nuclear deal, he expects Washington to rely heavily on China, “because it’s in the sanctions regime.” That was the point of the letter. “

“I think the message to Beijing is that unless Iran seriously agrees to return to JCPOA conditions, you need to stop importing Iranian oil,” he said, referring to the Iran deal.

Wednesday’s move freezes U.S. nominee assets and generally prevents Americans from dealing with them. Those who deal with targeted individuals and entities may face sanctions.

The U.S. State Department on Wednesday also targeted Vietnam company, Trong Phat Lock Shipping Business JSC, and Singapore-based Eurovision Ship Management Pte. Ltd., to be involved in the transportation of Iranian petroleum products. The operation also targeted three Iranian bases.

Reporting by Daphne Salidakis and Arshad Mohammad Edited by Howard Gرler and Alastair Bell

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