Nine firms have been penalized by the U.S. Treasury Department for apparently assisting in the transit of Iranian petroleum products. Petrochemicals were of value to hundreds of millions of dollars to users in Asia.
The transport was carried out through a Hong Kong company that had already been sanctioned.
The enterprises were involved in the process of selling and shipping products for the Hong Kong-based broker Trilliance Petrochemical Co.
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The sanctions enforcers belonging to the U.S. constantly target Iran and associated countries. In addition, Chinese Surveillance firms are also under supervision.
“Iran [is] increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, violating U.S. sanctions. The United States remains focused on targeting Tehran’s sources of illicit revenue and will continue to enforce its sanctions against those who wittingly facilitate this trade,” says Brian E. Nelson, Treasury undersecretary.
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There are sanctions against three businesses in Malaysia and Singapore. Along with six other Iranian petrochemical manufacturers, the United States also imposed sanctions on Amir Kabir Petrochemical Co., a significant plastics producer, and one of its subsidiaries.
Sanctions have also been placed on Iranian entities for arming Russia during the conflict in Ukraine.