Some Iranian companies continue to flout the US-imposed sanctions, including the acceleration of its nuclear program, which directly violated the Joint Comprehensive Plan of Action (JCPOA).

Caught Red Handed

Last week, the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed a new sanction on international companies involved in Iranian petrochemicals and petroleum trade to end users in East and South Asia.

According to the Treasury Department, “Iranian brokers and several front companies in the United Arab Emirates (UAE), Hong Kong, and India” facilitated payment transfers and the shipment of Iranian oil, aiding in concealing the origin of the Iranian shipments. This also allowed two sanctioned Iranian brokers, Triliance Petrochemical Co. Ltd. (Triliance) and Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), to conduct million-dollar worth of transactions with Asian buyers.

Meanwhile, US Secretary of State Antony Blinken accused the two People’s Republic of China (PRC)-based entities: Zhonggu Storage and Transportation Co. Ltd. and WS Shipping Co. Ltd., of their involvement in Iran’s petrochemical and petroleum trade.