The U.S. Treasury Department’s Office of Foreign Assets (OFAC) on Thursday (Oct. 29) announced sanctions against eight entities involved in the purchase and sale of Iranian petrochemical products brokered by a petrochemical company previously sanctioned by the United States.
The statement from the U.S. Treasury Department said the eight entities, located in Iran, China and Singapore, engaged in transactions facilitated by Triliance Petrochemical Co. Ltd. or assisted Triliance Petrochemical in handling and transferring funds from the sale of these petrochemical products. The United States designated these eight entities for sanctions under E.O. 13846.
The Treasury Department said that the sale of Iran’s petrochemicals remains a major source of revenue for the Iranian regime, and that these funds are used by Tehran to support corrupt regimes and terrorist groups across the Middle East, most recently Venezuela.
“The Iranian regime benefits from a global network of entities that facilitate the Iranian petrochemical industry,” Treasury Secretary Steven T. Mnuchin said in a statement. “The United States remains committed to combating any source of revenue that the Iranian regime uses to fund terrorist organizations and oppress the Iranian people.”
In January 2020, the U.S. Treasury Department imposed sanctions on Zongxiang Petrochemical Co. and three other petrochemical and oil companies that collectively diverted hundreds of millions of dollars worth of exports from the National Iranian Oil Company (NIOC).
In September of this year, the U.S. Treasury Department took further steps to sanction six entities for supporting Zongxiang Petrochemical Company’s continued involvement in the sale of petrochemical products from Iran.
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