US sanctions alleged Iranian petrochemical network, front companies

WASHINGTON (AA) – The US on Thursday sanctioned an alleged network of Iranian petrochemical producers and front companies established in China and the United Arab Emirates (UAE).

The petrochemical producers that have been added to the US blacklist include Iran-based Marun Petrochemical Company, Kharg Petrochemical Company Limited and Fanavaran Petrochemical Company, the Treasury Department said in a statement.

They are accused of helping Triliance Petrochemical Co. Ltd. and Iran’s Petrochemical Commercial Company, which were previously sanctioned, conduct international transactions and evade sanctions to support petrochemical sales in China and East Asia.

Also sanctioned were front companies Hong Kong-based companies Keen Well International Limited, and Teamford Enterprises Limited; and UAE-based companies GX Shipping FZE, Future Gate Fuel and Petrochemical Trading L.L.C., Sky Zone Trading FZE and Youchem General Trading FZE.

Two “Trilliance facilitators” were also blacklisted, including China-based brokered Jingfeng Gao and Indian national Mohammad Shaheed Ruknooddin Bhore.

The sanctions come amid a continued stall in negotiations to revive the 2015 nuclear deal world powers struck with Iran, formally known as the Joint Comprehensive Plan of Action.

Indirect talks between the US and Iran have been going on for more than one year with the Biden administration laying blame for the impasse on Tehran’s desire to include issues that were not part of the original agreement.

Washington has nonetheless said there is still time to achieve a mutual return to full compliance with the pact but has warned that the window is closing.