The most recent US action against Iranian oil smuggling comes after attempts to resurrect the 2015 nuclear agreement between Iran and world powers failed and relations between the Islamic Republic and the West are becoming more strained as Iranians continue to hold anti-government protests. In a statement, Brian Nelson, the under secretary of the US Treasury for financial intelligence and terrorism, claimed that Iran is rapidly selling its petroleum and petrochemical products to customers in East Asia in defiance of US sanctions.
In defiance of US sanctions, Iran is increasingly turning to customers in East Asia to purchase its petrochemical and petroleum products, according to a statement from Brian Nelson, the Treasury’s Under Secretary for Terrorist and Financial Intelligence.
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According to Nelson, the United States is committed on attacking Tehran’s sources of illegal income, and will continue to enforce its sanctions against anyone who knowingly facilitate this trade. A request for response was not immediately answered by the Iranian representation to the UN in New York.
Thursdayu2019s move targeted firms the Treasury accused of being involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which was hit with sanctions by Washington in 2020. Petrochemical producer Amir Kabir Petrochemical Co. (AKPC), its subsidiary Simorgh Petrochemical Co., and four subsidiaries of previously sanctioned Marun Petrochemical Co. were among the Iranian firms targeted.
Low-density polyethylene made by AKPC, according to Treasury, has been purchased by Triliance for millions of dollars in order to be shipped to customers in China. Treasury claimed that Asia Fuel PTE. Ltd., a Singapore-based company that was also targeted, helped ship petroleum supplies worth millions of dollars to East Asian clients.
Sanctions were also imposed on Unicious Energy PTE. Ltd., situated in Singapore, and Sense Shipping and Trade SDN. BHD., a Malaysian company. The action freezes any US assets of those hit with sanctions and generally bars Americans from dealing with them. Those that engage in certain transactions with the companies also risk being hit with sanctions.
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