The US Department of Treasury on Wednesday blacklisted several Iranian oil exporters and alleged front companies in China and the United Arab Emirates, accusing them of evading the ban on export of Iranian petrochemicals to East Asia. The move comes after the failure of talks on reinstating the nuclear deal, in which Tehran demanded the US lift the sanctions imposed when Washington unilaterally repudiated it.
“While the US is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action [JCPOA], we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” said Brian Nelson, the undersecretary for terrorism and financial intelligence, referring to the nuclear deal’s official title.
The Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against 15 individuals and companies based in Iran, the Emirates, and China, accusing them of evading the US embargo to export “petrochemical products, worth hundreds of millions of dollars, to companies throughout East Asia.”
Americans are barred from doing any business with the sanctioned individuals and entities, and their property in the US must be blocked and reported to OFAC. The US imposes sanctions under executive powers, requiring neither due process nor evidence.