US sanctions companies supporting Iranian petrochemical conglomerate

Washington [US], August 1 (ANI): The United States on Monday designated six entities facilitating illicit transactions related to Iranian petroleum as well as petroleum and petrochemical products, key sources of revenue for the Iranian government said.
“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals.”
The US Treasury Department said today’s action is being taken pursuant to Executive Order (E.O.) 13846 and follows OFAC’s July 6 designation of an Iranian oil and petrochemical network selling Iranian petroleum and petrochemicals to purchasers in East Asia, and the June 16 designation of an international sanctions evasion network supporting Iranian petrochemical sales.
In a separate but related action, the Department of State is also designating two entities that have engaged in the purchase, acquisition, sale, transport, or marketing of Iranian petroleum and petroleum products, including providing logistical support to the Iranian petroleum trade, pursuant to E.O. 13846.
“As a result of today’s action, all property and interests in property of these targets that are in the United States or in the possession or control of US persons must be blocked and reported to OFAC,” US Treasury Department said in a statement.
In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons. (ANI)