US Treasury targets Iranian petrochemicals, subsidiaries in fresh sanctions

The administration of US President Joe Biden has imposed a fresh round of sanctions against the Islamic Republic by targeting several Iran-based petrochemical companies as part of Washington’s so-called pressure campaign against Tehran.

The US Treasury Department said in a statement on Thursday the sanctions would target six Iran-based petrochemical manufacturers or their subsidiaries and three firms in Malaysia and Singapore over what it claimed to be their role in the “production, sale, and shipment of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum to buyers in Asia.”

Among the targeted Iranian companies were Amir Kabir Petrochemical Co. (AKPC), its subsidiary Simorgh Petrochemical Co. and four subsidiaries of previously sanctioned Marun Petrochemical Co.

The Treasury accused the firms of being involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which was hit with sanctions by Washington in 2020.

“Iran is increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of US sanctions,” the statement quoted Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson as saying.

Stressing that the United States remains focused on targeting Tehran’s sources of revenue, Nelson said Washington “will continue to enforce its sanctions against those who wittingly facilitate this trade.”

In the statement on Thursday, the Treasury also accused Singapore-based Asia Fuel PTE. Ltd. of facilitating the shipment of petroleum products worth millions of dollars to customers in East Asia.

Sense Shipping and Trading SDN. BHD. in Malaysia and Singapore-based Unicious Energy PTE. Ltd. were also hit with sanctions.

The sanctions freeze the US-based assets of the targeted individuals and companies, and ban Americans from dealing with them.

US sanctions 5 persons, 26 companies for allegedly 'facilitating Iran oil sales'

The US sanctions five persons and 26 companies for allegedly facilitating oil sales on behalf of Iran.

The United States began a campaign of "maximum pressure" against Iran under former US President Donald Trump. As part of the campaign, Trump took the US out of a nuclear deal between Iran and world countries, and returned all the sanctions that the accord had lifted.

On his campaign trail, his successor Biden claimed he was not unwilling to return Washington to the deal. The Biden administration has, however, not only stopped short of doing so, but has also been bringing the Islamic Republic under multiple rounds of fresh economic measures, in what Tehran slams as the Biden team's continuation of Trump's anti-Iran policies.

On October 3, 2018, the International Court of Justice issued an order that temporarily, but unanimously, required the US to remove any impediments on the importation of foodstuffs as well as medicines and medical devices to Iran. The US has, however, been refraining from implementing that verdict too.

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