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US targets Chinese and UAE companies in new sanctions against Iran

US targets Chinese and UAE companies in new sanctions against Iran
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In this image taken on March 25, 2022, a model of a gasoline pump is seen in front of the colors of the US and Iranian flags. REUTERS/Dado Ruvic/Illustration

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WASHINGTON, Aug 2 (Reuters) – The United States on Monday imposed sanctions on China and other firms it says help Iran sell tens of millions of dollars worth of oil and petrochemicals to East Asia, as it seeks to increase pressure on Tehran to rein in pressure. its nuclear program.

The US Treasury and US State Departments have sanctioned a total of six companies, four in Hong Kong, one in Singapore and one in the United Arab Emirates (UAE), based on actions disclosed in separate statements.

Treasury Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of Iran’s largest petrochemical brokers, uses firms to facilitate the sale of Iranian petroleum and petrochemical products to East Asia.

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The Treasury has targeted UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC for helping Hong Kong-based Triliance Petrochemical Co sell millions of dollars worth of Iranian oil products. Ltd., was earlier sanctioned by the US.

It is also intended for easy sales to Farwell Canyon and Shekufei International Trading Co., Limited, based in Hong Kong, to onward buyers in East Asia.

The Treasury accused PGPICC of using the firms’ bank accounts, along with those of Hong Kong and Malaysia-based PZNFR Trading Limited, to generate millions of dollars in profits.

In addition, the State Department ordered Pioneer Ship Management PTE LTD, based in Singapore, to sell Iranian oil products and Golden Warrior Shipping, Co., located in Hong Kong. Ltd., for alleged transactions involving Iranian oil and petroleum products.

The actions freeze US-domiciled assets and generally prohibit Americans from dealing in them. Others who engage in certain transactions with the target also risk being sanctioned.

These steps are the third round of sanctions imposed by the United States against Chinese companies related to Iran in the last two months.

Since taking office in 2021, US President Joe Biden has been reluctant to impose sanctions on Chinese entities involved in oil trade with Iran in hopes of securing a deal to revive the 2015 Iran nuclear deal.

Efforts to revive Iran’s nuclear program curbs in exchange for the lifting of US and other sanctions have so far failed, prompting Washington to look for other ways to increase pressure on Tehran.

“The United States continues to pursue diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” Brian Nelson, the deputy secretary of the Treasury for terrorism and financial intelligence, said in a statement in 2015. dealing with his official name.

“Until Iran is ready to return to full compliance, we will continue to impose sanctions against the illegal sale of Iranian oil and petrochemicals.”

Reacting to the new sanctions, Iran’s Foreign Ministry spokesman Nasser Kanaani said Iran would respond “resolutely and decisively” to the White House’s continued sanctions.

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Reporting by Daphne Psaledakis, Arshad Mohammed and Kanishka Singh in Washington; Edited by Bernadette Baum and Andrea Ricci

Our standards: Thomson Reuters Trust Principles.

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