US Treasury sanctions 9 entities involved in Iranian petroleum

By Ovunc Kutlu

ISTANBUL (AA) - The US Treasury Department announced Thursday it imposed sanctions on nine entities involved in the production, sale and shipment of hundreds of millions of dollars worth of Iranian petrochemicals and petroleum to buyers in Asia.

The sanctions target six Iranian-based petrochemical manufacturers and their subsidiaries, in addition to three companies in Malaysia and Singapore.

"Iran increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of U.S. sanctions," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.

"The United States remains focused on targeting Tehran’s sources of illicit revenue, and will continue to enforce its sanctions against those who wittingly facilitate this trade," he added.

The Treasury Department in November sanctioned 13 companies facilitating the sale of Iranian petrochemicals and petroleum products to buyers in East Asia, the fifth round of designations targeting Iran's petroleum and petrochemical trade since June 2022.