US Sanctions UAE, Chinese Companies for Selling Iran's Petrochemicals

The US Treasury Department announced today, Wednesday, that it has imposed sanctions on 4 entities based in China and the United Arab Emirates (UAE) as they facilitate the export of Iranian petrochemical products.

the US Treasury Department said on its website today that these entities, which are based in Iran, the United Arab Emirates, China and Trilliance, a Hong Kong-based company  continued participation in the sale of Iranian petrochemical products.

Sanctions were imposed on 4 companies, two of which are based in Sharjah.

Those companies are  (ALPHA TECH TRADING FZE and PETROLIANCE TRADING FZE) and the other two based in China (Petrochem and Donghai), in addition to the Vietnamese Gas and Chemicals Transport Corporation and its CEO, Vu Ngoc Phong.

The US Treasury Department said that the imposition of sanctions on these entities located in the UAE and China came because of their knowingly participating in a major deal to buy, sell, transport, or market oil or petroleum products from Iran.

The statement of the US Treasury  Department pointed out that the Iranian regime is using the revenues harvested from petrochemical sales to continue financing terrorism and its destabilizing foreign agenda.

In January 2020, the OFAC imposed sanctions on Trilliance and three other petrochemical and petroleum companies.

Those companies have perted together hundreds of millions of dollars in exports from the National Iranian Oil Company (NIOC), which helps fund the Islamic Revolutionary Guard Corps, according to the US Treasury Department's statement.

Trilliance has used several façade companies to purchase or facilitate the purchase and movement of petrochemical products from Iran.

And "Reuters", a news agency, had announced last September that the US Treasury Department had imposed sanctions on 11 foreign companies, accusing them of facilitating Iran's export of oil, petroleum products, and petrochemicals, in violation of the US sanctions.

The US Treasury said it imposed sanctions on six companies based in Iran, the United Arab Emirates, and China because they helped enable the shipping and sale of Iranian petrochemicals and support for Hong Kong-based Trilliance Petrochemical Company Ltd., which Washington has blacklisted.