US Sanctions India-Based Petrochemical Firm Over Alleged Iran Oil Deal

US Sanctions India-Based Petrochemical Firm Over Alleged Iran Oil Deal

According to the list released by the Treasury Department, India-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars worth of Triliance-traded petrochemicals, including methanol and base oil, for shipment to China.

The United States on Thursday imposed sanctions on a number of companies, including those based in China, Hong Kong, India and the United Arab Emirates, for facilitating financial transfers and shipments of Iranian oil and petrochemical products. The United States is taking more steps to disrupt efforts to evade sanctions on the sale of Iranian oil and petrochemical products, Secretary of State Antony Blinken said.

Specifically, the State Department is imposing sanctions on two PRC-based entities: Zhonggu Storage and Transportation Co Ltd, which operates a commercial crude oil storage facility for Iranian oil that provides a vital conduit for the Iranian oil trade. , as well as WS Shipping Co Ltd, the ship manager of a ship that has transported Iranian oil products, he said.

“The Treasury Department is also designating eight entities for their involvement in Iran’s petrochemical trade. These entities are based in Hong Kong, Iran, India and the United Arab Emirates,” Blinken said in a statement.

In a statement, the Treasury Department said these entities have played a critical role in concealing the origin of Iranian shipments and allowing two sanctioned Iranian brokers, Triliance Petrochemical Co. Ltd. (Triliance) and Persian Gulf Petrochemical Industry Commercial Co ( PGPICC), to transfer funds and ship Iranian oil and petrochemicals to buyers in Asia.

According to the list released by the Treasury Department, India-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars worth of Triliance-traded petrochemicals, including methanol and base oil, for onward shipment to China.

“As Iran continues to accelerate its nuclear program in violation of the JCPOA (Joint Comprehensive Plan of Action), we will continue to accelerate our application of sanctions on Iran’s oil and petrochemical sales under authorities that would be removed under the JCPOA,” he said. Blinken. .

The JCPOA, commonly known as the Iran nuclear deal, is an agreement on the Iranian nuclear program reached in 2015 between Iran and the five permanent members of the United Nations Security Council: China, France, Russia, the United Kingdom, the United States and Germany. European Union.

Under its terms, Iran agreed to dismantle much of its nuclear program and open its facilities to more extensive international inspections in exchange for billions of dollars worth of sanctions relief. Former President Donald Trump unilaterally withdrew from the agreement in 2018. Proximity talks between the United States and Iran to revive the pact have broken down.

“Iran has long denied that it is trying to develop nuclear weapons while saying it has a right to civilian nuclear infrastructure. These enforcement actions will continue on a regular basis, with the aim of severely restricting Iran’s oil and petrochemical exports. Anyone involved in facilitating these illegal sales and transactions must cease and desist immediately if they wish to avoid US sanctions,” Blinken said.

“The United States is committed to severely restricting illicit sales of oil and petrochemicals from Iran,” said Treasury Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson. “As long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to apply its sanctions to the sale of Iranian oil and petrochemical products,” Nelson said.

Treasury said these economic sanctions, which are reversible should Iran return to JCPOA compliance, follow designations imposed last week against the so-called morality police and other law enforcement organizations and persons responsible for the death in custody of Mahsa Amini and the violent crackdown on the protests that have followed.

“We remain concerned about a wide range of Iranian policies, from its nuclear program to abuses perpetrated against its own people, to support for Russia’s war of aggression against Ukraine with drones and military training, and destabilizing activities throughout the region. , and we will continue to respond to these dangerous policies with sanctions and other tools,” he said.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.