US sanctions 4 entities over Iran's petrochemical sale

The US on Wednesday imposed sanctions on four China and United Arab Emirates-based entities for "facilitating the export of Iranian petrochemical products by Triliance Petrochemical Co. Ltd."

These companies "have provided Triliance with critical shipping services or conducted financial transactions on behalf of the company, enabling Triliance to continue brokering and moving Iranian petrochemical exports," the Treasury Department said in a statement.

Triliance, a Hong-Kong based company, was previously designated by Washington, in January, with the accusation of "collectively" transferring the equivalent of hundreds of millions of dollars worth of exports from the National Iranian Oil Company (NIOC).

The entities include China-based companies Donghai International Ship Management Limited and Petrochem South East Limited and UAE-based companies Alpha Tech Trading FZE and Petroliance Trading FZE.

The US sees petrochemical sales as an "important revenue source" for Iran, "generating wealth for its corrupt leaders and financing a range of nefarious activities."

"Iran's petrochemical and petroleum sectors are primary sources of funding for the Iranian regime, which it uses to support its malign domestic and foreign agenda," Treasury Secretary Steven Mnuchin said.

"The United States will act against persons who support illicit actors engaged in the movement of Iranian petroleum and petrochemical sales."