US targets Iranian oil and petrochemical trade network

7 July 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned an international network of individuals and entities that has used a web of Gulf-based front companies to facilitate the delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian companies to East Asia.

The action is being taken pursuant to Executive Order (E.O.) 13846 and follows OFAC’s June 16, 2022 designations of an international sanctions evasion network supporting Iranian petrochemical sales. Concurrently with Treasury’s designations, the Department of State imposed sanctions on five entities based in Iran, Vietnam, and Singapore and two vessels pursuant to E.O. 13846 in connection with significant transactions for the sale and transport of petroleum products from Iran, on or after November 5, 2018.

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