US, new international restrictions
Over the last few weeks, the United States has brought in new international restrictions for individuals and entities based on different sanctions programs. The countries in question are Iran, Nicaragua, Bosnia and Herzegovina, North Korea, and some terrorist groups.
Sanctions against the Iranian petrochemicals industry
The Office of Foreign Assets Control (OFAC) of the US Treasury Department has added a network of Iranian petrochemical companies to its specially designated nationals list, as well as a company from the People’s Republic of China and one in the United Arab Emirates, which support the Triliance Petrochemical Co. Ltd. (Triliance) and Iran’s Petrochemical Commercial Company (PCC), an entity brokering the sale of Iranian petrochemical products abroad.
The network was sanctioned through Executive Order (EO) 13846 and 13599, which the USA had already used to sanction Triliance and PCC, accused of facilitating international transactions and allowing the avoidance of sanctions, and supporting the sale of Iranian petrochemical products to clients in China and East Asia.
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