| 13 April 2024, Saturday |

U.S. targets Chinese, UAE firms in new Iran oil sanctions

The United States imposed sanctions on Chinese and other corporations on Monday, alleging that they assisted in the sale of tens of millions of dollars’ worth of Iranian oil and petrochemical goods to East Asia, in an effort to put pressure on Tehran to curtail its nuclear program.

In separate declarations, the US Treasury and State Departments slapped sanctions on six firms, four of which are located in Hong Kong, one in Singapore, and one in the United Arab Emirates (UAE).

The Treasury accused one of Iran’s leading petrochemical brokers, Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), of utilizing the entities to assist the sale of Iranian petroleum and petrochemical goods to East Asia.

The Treasury targeted Blue Cactus Heavy Equipment and Machinery Spare Parts Trading L.L.C. in the UAE, alleging that it assisted in the sale of millions of dollars in Iranian-origin petroleum products to Hong Kong-based Triliance Petrochemical Co. Ltd., which had previously been sanctioned by the US.

It also targeted Farwell Canyon HK Limited and Shekufei International Trading Co., Limited in Hong Kong for enabling such sales for onward transportation to East Asian clients.

The Treasury accused PGPICC of collecting millions of dollars in revenues by utilizing the businesses’ bank accounts, as well as those of Hong Kong and Malaysia-based PZNFR Trading Limited.

Separately, the State Department sanctioned Singapore-based Pioneer Ship Management PTE LTD and Hong Kong-based Golden Warrior Shipping, Co. Ltd. for suspected transactions involving Iranian oil and petroleum products.

  • Reuters