US targets Hong Kong and UAE firms it says ship Iranian oil to East Asia
- US blacklists companies it said helped Iran export petrochemicals to East Asia in avoidance of sanctions
- The US actions freeze US-based assets and generally bar Americans from dealing with them
The United States has sanctioned three Hong Kong-based firms, a United Arab Emirates-based firm and several Asian companies for easing the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia.
The Treasury Department’s Office of Foreign Assets Control on Monday imposed the sanctions on Hong Kong-based Farwell Canyon HK Limited, Shekufei International Trading Co Limited and PZNFR Trading Limited.
UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading was also hit with Treasury sanctions for providing support to the Iranian petroleum trade
The latest round of sanctions targeting Iranian oil sales come as the US attempts to re-enter the Iran nuclear agreement that former US President Donald Trump exited in May 2018.
US President Joe Biden’s administration has been working to renew the agreement, which placed curbs on Iran’s nuclear programme in exchange for billions of dollars in sanctions relief, which Iran insists it has never received.
“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” also known as the Iran nuclear deal, Brian Nelson, the Treasury Department’s undersecretary for terrorism and financial intelligence, said in a statement.