U.S. Treasury department (OFAC) imosed new sanctions on the petrochemical industry in Iran-January 23, 2020
Written by Sedighe Shahrokhi on 23 January 2020.
The United States Department of Treasury’s Office of Foreign Assets Control (OFAC) slapped new sanctions targeting the Iranian regime’s four international petrochemical and petroleum companies on Thursday.
In a press release on January 23, the U.S. Treasury Department highlighted that these companies “have collectively transferred the equivalent of hundreds of millions of dollars’ worth of exports from the National Iranian Oil Company (NIOC), an entity instrumental in the Iranian regime’s petroleum and petrochemical industries, which helps to finance Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxy groups.”
“Iran’s petroleum and petrochemical industries are major sources of revenue for the Iranian regime and funds its malign activities throughout the Middle East. The entities targeted today facilitate Iran’s petrochemical and petroleum exports in contravention of U.S. economic sanctions,” read the statement.
“Iran’s petrochemical and petroleum sectors are primary sources of funding for the Iranian regime’s global terrorist activities and enable its persistent use of violence against its own people,” said U.S. Secretary of Treasury Steven Mnuchin.
“Today’s action follows on the heels of similar actions that have targeted key sources of funding for Iranian regional adventurism, including a recent action targeting the Iranian metals sector. Also, in June 2019, OFAC designated Iran’s largest petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing financial support to U.S.-designated Khatam al-Anbya Construction Headquarters, the engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC). In addition to PGPIC, OFAC designated PGPIC’s vast network of 39 subsidiary petrochemical companies and foreign-based sales agents,” read the statement.
Today’s sanctions target Triliance Petrochemical Co. Ltd. (Triliance), a Hong Kong-based broker with branches in Iran, United Arab Emirates, China, and Germany, as well as, Triliance Kish Petrochemical Company, which is the Iran-based branch of Triliance and recently changed its name and operates as Tiba Parsian Kish Petrochemical.
“All property and interests in property of these persons designated today subject to U.S. jurisdiction are blocked, and U.S persons are generally prohibited from engaging in transactions with them. In addition, foreign financial institutions that knowingly facilitate significant transactions for, or persons that provide material or certain other support to, the persons designated today risk exposure to sanctions that could sever their access to the U.S. financial system or block their property and interests in property under U.S. jurisdiction,” the statement added.