U.S. targets Iranian petroleum and petrochemical sectors for sanctions

Action against companies used by Iran’s largest petrochemical brokers to facilitate the sale of Iranian petroleum and petrochemical products

U.S. targets Iranian petroleum and petrochemical sectors for sanctions

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced action against companies used by Iran’s largest petrochemical brokers to facilitate the sale of Iranian petroleum and petrochemical products from Iran to East Asia.

According to the OFAC release, the United States is continuing to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals.

Today’s action is being taken pursuant to Executive Order (E.O.) 13846 and follows a July 2022 designation of an Iranian oil and petrochemical network selling Iranian petroleum and petrochemicals to purchasers in East Asia, and a June 2022 designation of an international sanctions evasion network supporting Iranian petrochemical sales.

In a separate but related action, the U.S. State Department also designated two entities that have engaged in the purchase, acquisition, sale, transport or marketing of Iranian petroleum and petroleum products, including providing logistical support to the Iranian petroleum trade.


For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.