US sanctions India-based firm and 7 others for dealing in Iranian petroleum products
The US has sanctioned a number of organizations, including a petrochemical trading company with its headquarters in Mumbai, for allegedly participating in a global network of firms that sold hundreds of millions of dollars’ worth of Iranian petroleum products to consumers in South and East Asia.
The US has sanctioned a number of organizations, including a petrochemical trading company with its headquarters in Mumbai, for allegedly participating in a global network of firms that sold hundreds of millions of dollars’ worth of Iranian petroleum products to consumers in South and East Asia.
According to the US treasury department, Tibalaji purchased petrochemical products such as methanol and base oil for shipment to China through deals facilitated by the previously sanctioned Triliance Petrochemical Co Ltd Network.
The US imposed sanctions on Triliance, a broker based in Hong Kong with offices in Iran, China, the United Arab Emirates (UAE), and Germany, in 2020 as a result of its support for the National Iranian Oil Company in terms of financial support and technology (NIOC).
Triliance was also charged by the US Treasury Department for buying petroleum and petrochemical products worth millions of dollars from Iranian petrochemical brokers Middle East Kimiya Pars Co. and Iran Chemical Industries Investment Company and transporting them to India.
Triliance was referred to as a crucial element of Iran’s petroleum and petrochemical sectors, which brokers the sale of Iranian products to overseas consumers as per the US.
On the other hand, Indian officials and Tibalaji Petrochem did not respond immediately to the development. According to the company’s website, it is a well-known and prominent distributor of chemical, solvent, fertilizer, and polymer products in India.
It should be noted that the US decision was announced a day after External Affairs Minister S. Jaishankar returned from his trip there, where he had meetings with a number of high-ranking Americans, including Secretary of State Antony Blinken.
It should be noted that the US decision was announced a day after External Affairs Minister S. Jaishankar returned from his trip there, where he had meetings with a number of high-ranking Americans, including Secretary of State Antony Blinken.
US secretary of state Antony Blinken stated that the country is taking additional steps to thwart attempts to circumvent sanctions on the sale of Iranian petroleum and petrochemical products while announcing the most recent sanctions against organisations involved in dealing with Iranian petroleum products.
The US State Department sanctioned two Chinese companies: Zhonggu Storage and Transportation Co Ltd, which operates a commercial crude oil storage facility that serves as a “vital conduit” for the Iranian petroleum trade; and WS Shipping Co Ltd, which manages a vessel that transports Iranian petroleum products.
The United States Treasury department sanctioned eight entities based in Hong Kong, India, Iran, and the United Arab Emirates (UAE) for their involvement in Iran’s petrochemical trade. Tibalaji Petrochem was one of these companies.
The United States Treasury department sanctioned eight entities based in Hong Kong, India, Iran, and the United Arab Emirates (UAE) for their involvement in Iran’s petrochemical trade. Tibalaji Petrochem was one of these companies.
According to the Treasury Department, if Iran returns to compliance with the JCPOA agreement, the sanctions against Tibalaji and other companies could be lifted. Iran’s officials and the International Atomic Energy Agency met in Vienna to discuss the possibility of Iran agreeing to allow inspectors back into the country to oversee reactors. The United States and Iran have also exchanged positions on rejoining the JCPOA through the European Union.
The Secretary of the Treasury for Financial Intelligence and Terrorism said that the United States is devoted to severely limiting Iran’s unauthorised sales of oil and petrochemicals and that the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products as long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action.
In addition to Tibalaji Petrochemicals, the OFAC also issued penalties against a number of oil shipping and brokering firms in the UAE, Iran, and Hong Kong, as well as the firm connected to the Gas Allure, a ship registered in Panama.
The U.S. Treasury Department alleged that these organizations have played a critical role in concealing the origin of the Iranian shipments and enabling two sanctioned Iranian brokers, Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd. (Triliance), to transfer money and ship Iranian oil and petrochemicals to customers in Asia.
