OFAC SANCTIONS COMPANIES INVOLVED IN PRODUCTION, SALE, AND SHIPMENT OF IRANIAN PETROCHEMICALS AND PETROLEUM

On 9 February, OFAC advised that it had sanctioned 9 entities across multiple jurisdictions that have played a critical role in the production, sale, and shipment of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum to buyers in Asia.  The US Treasury is targeting 6 Iran-based petrochemical manufacturers or their subsidiaries, and 3 companies in Malaysia and Singapore involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co Ltd, which OFAC designated in 2020 for facilitating the sale of Iranian petroleum products from the National Iranian Oil Company (NIOC).

https://home.treasury.gov/news/press-releases/jy1257

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20230209

https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017