Published 16:29 IST, September 4th 2020
US sanctions Chinese, UAE firms for bypassing embargo on Iran oil exports
The United States imposed sanctions against 11 companies based in Iran, China, and the UAE for helping Tehran bypass the US embargo on Iran’s oil exports.
- World News
- 2 min read
The United States imposed sanctions against 11 companies based in Iran, China, and the United Arab Emirates for helping Tehran bypass the US embargo on Iran’s oil exports. Washington pulled out of Joint Comprehensive Plan of Action (JCPoA), popularly known as Iran nuclear deal, in 2018 and imposed crippling sanctions on Iran’s petroleum industry.
The US government believes that Iran’s petroleum industry, a major source of revenue for the Iranian regime, funds Tehran’s “malign activities” throughout the Middle East. US State Department announced sanctions on five companies allegedly engaged in purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.
The entities facing sanctions are Iran-based Abadan Refining Company; China-based Zhihang Ship Management CO Ltd., New Far International Logistics LLC and Sino Energy Shipping Ltd.; and United Arab Emirates (UAE) based Chemtrans Petrochemicals Trading LLC. State Secretary Mike Pompeo said in a statement that the sanctions reaffirm the US’ commitment to denying financial resources to Iran for fuelling terrorism and other destabilising activities.
“We call on the regime yet again to stop undermining the Iranian people’s prosperity by exploiting Iran’s natural resources to sow chaos and destruction,” the statement read.
Treasury Dept sanctions
Separately, the US Treasury Department also blacklisted six companies, based in the same three countries, for their support to Triliance Petrochemical Co. Ltd. The department said that the entities supported Triliance’s continued involvement in the sale of Iranian petrochemical products. Treasury Secretary Steven Mnuchin said in a statement that the Iranian regime uses revenue from petrochemical sales to continue its financing of terrorism.
“The Trump administration remains committed to targeting those contributing to Iran’s attempts to evade U.S. sanctions by facilitating the illicit sale of Iranian petroleum products around the world,” he added.
Meanwhile, the United States has been trying to trigger the return of arms embargo on Iran which is set to expire in October under the JCPoA. Last month, UN Security Council president Indonesia rejected the US move to trigger snapback, saying it was not in the position to take further action. After getting isolated on the issue, US Ambassador Kelly Craft told the council that the Trump administration has no fear in standing in the limited company on this matter.
Updated 16:28 IST, September 4th 2020