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 |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
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