US sanctions on Chinese and UAE companies

The United States has added new sanctions to increase pressure on Chinese and United Arab Emirates (UAE) companies that help sell tens of millions of dollars worth of Iranian oil and petrochemical products to East Asia.

In statements made by the US Treasury Department and the Ministry of Foreign Affairs, it was announced that a total of 6 companies were approved, 4 in Hong Kong, 1 in Singapore and 1 in the United Arab Emirates (UAE).

With the sanctions of the Treasury Department, UAE-based Blue Cactus Heavy Equipment & Machinery Spare Parts Trading LLC, Hong Kong-based Farwell Canyon HK Ltd., Shekufei International Trading Company. Ltd and PZNFR Trading Ltd companies were allegedly targeted. The Treasury Department has listed these companies as the Persian Gulf Petrochemical Industries Company, one of Iran’s largest petrochemical companies. He accused the company PGPICC of using petroleum and petrochemical products to facilitate its sale in East Asia.

We will continue to enforce sanctions

United States continues the path of diplomacy to ensure mutual return to full implementation of the United States Comprehensive Action Plan, said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, referring to the United States’ joint comprehensive . Action plan for 2015. “We will continue to impose sanctions on the illegal sale of Iranian oil and petrochemical products until Iran is ready to fully comply with its commitments,” he said.

On the other hand, the Ministry of External Affairs accused Singapore-based Pioneer Ship Management Pte Ltd and Hong Kong-based Golden Warrior Shipping Company of allegedly managing a ship carrying Iranian oil products. The companies were approved, he said.

The sanctions announced today follow US sanctions against Iranian, Chinese and UAE companies that sell Iranian oil and petrochemical products over the past 2 months. Under the sanctions, the assets of US-based companies have been frozen.

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