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U.S. Sanctions 13 Companies Selling Iranian Oil Products To East Asian Buyers

The United States sanctioned 13 companies in multiple jurisdictions that participated in selling Iranian petroleum products to buyers in East Asia, the U.S. Department of the Treasury said in a press release on Thursday.

Today’s action is the fifth round of sanctions “targeting Iran’s illicit petroleum and petrochemical trade since June 2022.”

The 13 companies facilitated the sale of Iranian crude oil on behalf of sanctioned PGPICC, Trilance, NIOC, and NICO. PGPIC was sanctioned in 2019 for providing financial support to Khatam al-Anbiya Construction Headquarters—the engineering arm of Iran’s Islamic Revolutionary Guard Corps. Trilance was sanctioned back in 2018 for materially assisting, sponsoring, or providing support for goods or services in support of NIOC.

Today’s sanctions include Dubai-based Access Technology, which has purchased petrochemicals from PGPICC for shipment to China; Highline Logistic HK Limited, which has served as a front company to allow PGPICC to receive monies from customers; Dubai-based Monch General Trading, for purchasing petrochemical products from PGPICC to broker sales to China; Hong Kong Aeonian Complex; Hong Kong-based Torgan Co; China-based Zhejiang Wonder Imp. and Exp.; UAE-based Asian Zone Trading; UAE-based Galaxy Petrochemical FZE; UAE-based Newton Traind FZE; UAE-based Sum Five Petrochemicals Trading; Hong Kong-based Barza Style & Mode Co; Uteliz Resources Co; and China-based East Asia Trading Import and Export Trade Co.

Under the new sanctions, all property and interests in property of these entities that are in the United States or under the control of U.S. persons will be blocked. 

“Today’s action further demonstrates the complex sanctions evasion methods Iran employs to illicitly sell petroleum and petrochemical products,” the Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, said in the release, adding that the United States would “continue to implement sanctions against those actors facilitating these sales.”

Iran, a sizeable member of OPEC, has had its oil output restricted as a result of Western sanctions.

By Julianne Geiger for Oilprice.com



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