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US Targets Iranian Oil and Petrochemical Trade Network

US Targets Iranian Oil and Petrochemical Trade Network

Wednesday, 6 July, 2022 - 17:45
The United States Department of the Treasury is seen in Washington, DC, US, August 30, 2020. (Reuters)

The United States on Wednesday imposed sanctions on a network of people and entities it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, applying pressure on Tehran as Washington seeks to revive the 2015 Iran nuclear deal.


The US Treasury Department in a statement said the network used a web of front companies based in the Gulf to facilitate the delivery and sale of hundreds of millions of dollars worth of the products from Iranian companies to East Asia.


In Doha last week, indirect talks between Tehran and Washington ended without a breakthrough over how to salvage Iran's 2015 JCPOA nuclear pact.


"While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals," Brian Nelson, the Treasury's undersecretary for terrorism and financial intelligence, said in the statement.


Among those designated in Wednesday's move was Iran-based Jam Petrochemical Company, which the Treasury accused of exporting petrochemical products worth hundreds of millions of dollars to companies throughout East Asia, many of which the Treasury said were sold to Iran Petrochemical Commercial Company for shipment to China.


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