OFAC Sanctions Iranian Petrochemical Companies, Others for Shipments to Asia
The Office of Foreign Assets Control designated nine entities related to the production, sale and shipment of Iranian petrochemicals and petroleum to Asian buyers, including in China, according to a Feb. 9 news release.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
OFAC targeted six Iran-based petrochemical manufacturers and their subsidiaries, as well as three firms in Malaysia and Singapore that have "played a critical role in the production, sale, and shipment of hundreds of millions of dollars’ worth" of petroleum and petrochemicals on behalf of Hong Kong-based Triliance Petrochemical, which OFAC sanctioned in January 2020 for facilitating the sale of Iranian petroleum products from the National Iranian Oil Co. (see 2001230040). Among those designated is Iranian petrochemical producer Amir Kabir Petrochemical Company, a "major" polyethylene producer that has supplied "low density polyethylene" to Chinese buyers, OFAC said.
The action follows OFAC’s Nov. 17, 2022, designation of 13 companies in the United Arab Emirates and Hong Kong for facilitating the sale of Iranian petrochemicals and petroleum products to buyers in East Asia on behalf of Triliance and Persian Gulf Petrochemical Industry Commercial (see 2211170024).
“Iran [is] increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of U.S. sanctions,” said Brian Nelson, Treasury undersecretary for terrorism and financial intelligence. “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.”