How Rising Iran Oil Exports Create Problems for the U.S. and OPEC
Trump administration has imposed a series of new sanctions against Iran in recent weeks
The United States on Wednesday imposed sanctions on a number of companies from China and the UAE, accusing them of facilitating the export of Iranian petrochemicals.
The Treasury Department said it blacklisted four organizations promoting the export of Iranian petrochemicals by Triliance Petrochemical, which was also sanctioned earlier this year..
In addition, the Vietnamese transport corporation Gas and Chemicals, which participated in large transactions for the transportation of oil products from Iran, fell under the sanctions, the Ministry of Finance said..
The Trump administration has imposed new sanctions almost daily in recent weeks, many of which target Iran..
«The United States will take action against individuals who support criminal actors involved in the sale of Iranian oil and petrochemicals», – Treasury Secretary Stephen Mnuchin said in a statement.
The sanctions list includes Chinese companies Donghai International Ship Management and Petrochem South East Limited, as well as Alpha Tech Trading and Petroliance Trading, based in the UAE..
In January, Washington blacklisted Hong Kong-based Triliance Petrochemical and three other petrochemical and oil companies that it claims
Ministry of Finance, exported products of the National Iranian Oil Company, transferred exports for a total amount of hundreds of millions of dollars.
The sanctions provide for the freezing of assets in the US jurisdiction and prohibit Americans from doing business with those on the list. According to the Ministry of Finance, foreign financial institutions that carry out transactions for persons included in the black list are also at risk of being sanctioned..
President-elect Joe Biden, who takes office on January 20, said he intends to return to the agreement if Iran respects its terms..
U.S. Department of State Information
The State Department on Wednesday also announced that it has sanctioned a company that works with the oil and petrochemical sectors of the Iranian economy. This is stated in a statement by Secretary of State Mike Pompeo.
The State Department imposed sanctions on the Vietnamese company Vietnam Gas and Chemicals Transportation Corporation, which owns a vessel that transported Iranian oil products. The managing director of this company, Vo Ngoc Phung, was also sanctioned..
«Oil and petrochemicals are the main sources of income for the Iranian regime, the income it uses to oppress the Iranian people and promote its sinister foreign policy … These sanctions have negatively affected the regime’s ability to violate the civil rights of the Iranian people … Only a radical change in the behavior of the Iranian regime can open the way for sanctions relief», – emphasized by Mike Pompeo.