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Iran Oil Sales to China and East Asia are Sanctioned by the US

As part of its sanctions against Iranian oil sales to China and other eastern Asian countries, the United States sanctioned an international network of companies on Wednesday.

Treasury Department officials announced sanctions on companies accused of facilitating the sale of Iranian petroleum and petrochemical products worth hundreds of millions of dollars.

The entities are located in Iran, Vietnam, Singapore, the United Arab Emirates, and Hong Kong. Among them are Iran-based Jam Petrochemical Company, UAE-based Edgar Commercial Solutions FZE and Ali Almutawa Petroleum and Petrochemical Trading L.L.C., and Hong Kong-based front company Lustro Industry Limited.

The department said that the sanctioned individuals and entities “used a web of Gulf-based front companies” to hide the Iranian origin of the petroleum.

Parallel sanctions were also imposed on 15 individuals and entities engaged in the illicit sale and shipment of Iranian petroleum and petrochemical products by the State Department the same day.

7 July 2022


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