The US Treasury announced sanctions against UAE and HK-based companies accused of facilitating the sale and transfer of Iranian petrochemical products.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six companies linked to Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) – one of the largest petrochemical brokers in Iran – on Monday.
UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading will be sanctioned by the US Treasury for facilitating the sale of millions of dollars worth of Iranian-origin petroleum products.
Hong Kong-based companies Farwell Canyon HK Limited, Shekufei International Trading Co, and PZNFR Trading Limited will also be sanctioned for facilitating the sale of Iranian petroleum products.
Pressure to return to the Iran nuclear deal
“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said.
“Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals,” Nelson added.
“Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals.”
Brian E. Nelson
Iranian sanctions
In lieu of a nuclear agreement, the US government has continued its strategy of economic pressure and has sanctioned Iranian businesses and organizations tied to the Islamic Republic or the IRGC.
While a deal was reached in 2015, then-US President Donald Trump pulled out of the agreement in 2018 and re-imposed sanctions on Iran.
Recent talks have sought to re-establish the 2015 deal, though not enough progress has been made as of now. EU High Commissioner for Foreign Affairs Josep Borrell warned last week that rejecting the deal would “risk a dangerous nuclear crisis, set against the prospect of increased isolation for Iran and its people.”