Washington imposes sanctions on individuals and companies that sell Iranian oil

The US Treasury on Wednesday announced new sanctions against a scattered network of individuals and entities accused by Washington of selling and shipping millions of dollars worth of Iranian oil products to East Asia.

“While the United States remains committed to reaching an agreement with Iran seeking to return to mutual compliance with the JCPOA, we will continue to use all our powers to enforce sanctions,” the department said in a statement. a statement said, referring to the 2015 nuclear deal. .

The U.S. Treasury has imposed sanctions on companies that have tried to circumvent the sanctions through front companies, and has also identified some Iranian figures who have played a key role in these operations.

Jam Company

The Iran-based Jam Petrochemical Company has exported hundreds of thousands of tons of petroleum products, worth hundreds of millions of dollars, to companies across East Asia.

Many of these products have been sold to Iran-based Petrochemical Trading Company (PCC), for shipment to China.

The Iran Petrochemical Commercial Company (PCCC) has assisted Jam in facilitating the use of bank accounts to obscure the shipping and sale of petroleum products of Iranian origin.

From mid to late 2021, the company sold hundreds of thousands of tons of millions of dollars worth of petroleum products to Iran Petrochemicals Trading Company with the goal of supplying them to China and the Philippines.

Edgar Corporation

Edgar Commercial Solutions FZE purchased and exported hundreds of millions of dollars worth of petrochemical products from several approved Iranian companies, including Persian Gulf Petrochemical Industries Corporation (PGPICC) and Arya Sasol Polymer, for shipment to China.

Edgar used the front company under the name Lostro Industry, a Hong Kong-based company, to hide its role in the wholesale purchase of petrochemical products.

Through Lustro Industry, Edgar sent millions of dollars to Iranian front companies to buy petroleum products.

Trilliance Corporation

Treasury-designated Trilliance Petrochemical has used its UAE-based front company, Ali Al-Mutawa Petroleum and Petrochemical, to send and receive payments worth tens of millions of dollars related to the sale and purchase of Iranian petroleum products, including petrol and naphtha. (an oil). derived).

Among the customers of Ali Al-Mutawa Petroleum and Petrochemicals is the UAE-based Petro Cake Company, which, according to a statement from the US Treasury, bought tens of millions of dollars in Iranian petroleum products from the company.

Petro Cake also purchased millions of dollars worth of oil products from the Behran Oil Company for shipment to the United Arab Emirates.

Petro Cake sold hundreds of millions of dollars worth of Iranian oil products, which were then shipped to the United Arab Emirates.

Individuals:

Since 2019, Iranian citizens residing in the United Arab Emirates, Morteza Rajabeslami and Mahdieh Sancholi, have entered into a partnership to export Iranian crude oil and petrochemical products on behalf of the Switzerland-based Naftair Intertrade Company (NICO).

Rajabeslami owns an extensive network of companies involved in refining, energy trading, shipping and refilling, which has facilitated the shipment of thousands of tons of millions of dollars worth of fuel oil from Iran.

These companies have contributed to tens of millions of dollars worth of contracts related to the sale of Naftair Intertrade petroleum products.

Sancholi, in turn, is an oil sales facilitator, with experience working as a representative of Petrogat FZE and Emerald Global FZE in the UAE, which secured the purchase of ten million dollars worth of crude oil shipments from Naftair Intertrade .

Sancholi paid Naftair Intertrade tens of millions of dollars on behalf of Petrogat FZE to facilitate various shipments of Iranian oil to East Asia to its advantage.

Reprocessions of sanctions

Under these procedures, all property and interests of these companies and individuals that are in the United States or owned or controlled by U.S. individuals are blocked and reported to OFAC.

In addition, any entity directly or indirectly owned by 50 percent or more of one or more of the prohibited persons is prohibited.

OFAC regulations generally prohibit all transactions by U.S. individuals or within the United States (including those traveling through the United States) that involve any property or interests related to the prohibited persons.

In addition, persons involved in certain transactions with the individuals and entities identified today may be subject to fines.

Furthermore, any foreign financial institution that knowingly facilitates a transaction for any of the individuals or entities designated in this communication may be subject to U.S. sanctions, the U.S. Treasury Statement affirms.

Wednesday’s announcement comes ahead of a visit next week by US President Joe Biden to Israel and Saudi Arabia, on which efforts to curb the Iranian nuclear threat will be high on the agenda.

Leave a Comment