US Sanctions Target Iranian Oil Network

The US rolled out fresh sanctions yesterday against an alleged network of companies brokering Iranian oil and petrochemical sales.

• The companies being blacklisted are located in Vietnam, Singapore, the United Arab Emirates and Hong Kong and are accused of the “delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian companies to East Asia”.
• They largely facilitated oil trade into China and worked on behalf of Iranian firms.
• The sanctions come at a time when the US has hit further roadblocks with trying to get an Iranian nuclear deal over the line.
• “While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” Under-secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson, said in a statement.