U.S. Sanctions Communist Chinese, U.A.E. and Iranian Companies Over Sale of Iranian Petrochemicals

On June 16, the United States, under Executive Order (E.O.) 13846, imposed sanctions on a network of Iranian petrochemical producers and front companies in Communist China, the United Arab Emirates, and Iran. This network of companies helped Iran evade sanctions, supporting the sale of Iranian petrochemical products. As a result, all property and interests in property of these targets that are in the United States or under the possession or control of U.S. persons must be blocked and reported to The Office of Foreign Assets Control (OFAC).

U.S. Secretary of State Blinken and OFAC pointed out that this network of companies include Iranian petrochemical manufacturers Marun Petrochemical and Fanavaran, and front companies in China, the United Arab Emirates, and Iran, including Triliance Petrochemical Co. Ltd. and Petrochemical Commercial Company. This network helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in Communist China and other parts of East Asia.

“The United States remains committed to a mutual return to full implementation of the JCPOA.” Brian Nelson, the undersecretary of the Treasury for Terrorism and Financial Intelligence, said, “Absent a deal, we will continue to use our sanctions authorities to limit exports of petroleum, petroleum products, and petrochemical products from Iran.” “The United States will continue to expose the networks Iran uses to conceal sanctions evasion activities.”