US targets Chinese and UAE firms in new oil sanctions on Iran

US targets Chinese and UAE firms in new oil sanctions on Iran
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This image, taken on March 25, 2022, shows the petrol pump model in front of the US and Iranian flag colors. REUTERS/Dado Ruvic/Illustration

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WASHINGTON, August 2 (Reuters) – The United States on Monday imposed sanctions on other firms it said helped sell tens of millions of dollars in Chinese and Iranian oil and petrochemical products to East Asia. its nuclear program.

The US Treasury and US State Departments sanctioned a total of six companies, four in Hong Kong, one in Singapore and one in the United Arab Emirates (UAE), for actions described in separate statements.

The Treasury accused the Persian Gulf Petrokimya Sanayi Ticaret A.Ş. (PGPICC) uses firms to facilitate the sale of Iranian oil and petrochemical products to East Asia.

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The Treasury targeted UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC, which it said helped sell millions of dollars of Iranian oil products to Hong Kong-based Triliance Petrochemical Co. Ltd. has been previously sanctioned by the United States.

It also targeted Hong Kong-based Farwell Canyon HK Limited and Shekufei International Trading Co., Limited to facilitate such sales for shipment to buyers in East Asia.

The Treasury accused PGPICC of using it to raise millions of dollars in revenue, along with the bank accounts of Hong Kong and Malaysia-based PZNFR Trading Limited.

Separately, the State Department has accused Singapore-based Pioneer Ship Management PTE LTD and Hong Kong-based Golden Warrior Shipping, Co. for allegedly manipulating a ship carrying Iranian oil products. Ltd., for alleged transactions involving Iranian oil and petroleum products.

Actions freeze US-based assets and often prevent Americans from dealing with them. Others who engage in certain transactions with targeted firms are also at risk of being sanctioned.

The steps represent the third round of US sanctions on Iran against Chinese firms in the past two months.

Since taking office in 2021, U.S. President Joe Biden has been reluctant to impose sanctions on Chinese entities that trade oil with Iran, amid hopes of securing a deal to revive the 2015 Iran nuclear deal.

Efforts to revive the deal, in which Iran curbs its nuclear program in exchange for relief from US and other sanctions, have so far failed, prompting Washington to seek other ways to increase the pressure on Tehran.

“The United States continues to follow the path of diplomacy to ensure a mutual return to the full implementation of the Joint Comprehensive Plan of Action,” said Brian Nelson, Treasury’s Under-Secretary for Terrorism and Financial Intelligence, referring to 2015. agreement with the official name.

“Until Iran is ready to fully honor its commitments, we will continue to impose sanctions on the illegal sale of Iranian oil and petrochemical products,” he said.

Reacting to the new sanctions, Iran’s White House will respond “resolutely and resolutely” to the continuation of sanctions, Iranian Foreign Ministry spokesman Nasser Kanaani said.

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As reported by Daphne Psaledakis, Arshad Mohammed and Kanishka Singh in Washington; Edited by Bernadette Baum and Andrea Ricci

Our standards: Thomson Reuters Trust Principles.

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