United States targets Emirati company in new oil sanctions against Iran

On Monday, the United States targeted Chinese and Emirati companies in new oil sanctions against Iran, as Washington tries to increase pressure on Tehran to rein in its nuclear program.

The United States said the companies helped sell tens of millions of dollars worth of oil and petrochemicals to East Asia.

The Treasury and State Departments have sanctioned six companies: four in Hong Kong, one in Singapore and one in the United Arab Emirates.

The Treasury Department accused the Gulf Petrochemical Industry Trading Company (PGPICC), one of Iran’s largest petrochemical brokers, of using the companies to facilitate the sale of Iranian oil and petrochemicals to East Asia.

The Treasury Department has targeted the United Arab Emirates-based Blue Cactus Heavy Equipment and Machine Parts Trading Company, which it says helped sell millions of dollars worth of Iranian-origin petroleum products to Hong Kong-based Trilliance Petrochemicals Ltd., which had previously been sanctioned by the United Arab Emirates. Emirates before the United States.

The sanctions also affected Farwell Canyon HK Limited and Shekufei International Trading Co. for facilitating these sales for shipment to buyers in East Asia.

The Treasury accused PGPICC of using corporate bank accounts, as well as those of Hong Kong and Malaysian PZNFR Trading Limited, to raise millions of dollars in revenue.

Separately, the US State Department sanctioned Singapore-based Pioneer Ship Management PTE LTD for allegedly operating a ship carrying Iranian oil products and Golden Warrior Shipping Co. Ltd., based in Hong Kong, in connection with alleged transactions involving Iranian oil and petroleum products.

Source: Reuters.