OFAC Sanctions People, Entities Linked to Iranian Petrochemical Production Network
The Office of Foreign Assets Control sanctioned a network of Iranian petrochemical producers, as well as front companies in China and the United Arab Emirates. The front companies support Triliance and PCC, which broker sales of Iranian petrochemicals to China and East Asia, circumventing sanctions, OFAC said in a June 16 press release. The agency sanctioned two people and nine entities.
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Triliance was previously designated, on Jan. 23, 2020, for facilitating the sale of Iranian petrochemical and petroleum products from the National Iranian Oil Company to foreign customers. PCC also was previously designated, on Nov. 5, 2018, for being owned by the Iranian government.
“Absent a [Joint Comprehensive Plan of Action] deal, [the U.S.] will continue to use our sanctions authorities to limit exports of petroleum, petroleum products, and petrochemical products from Iran,” said Brian Nelson, Treasury undersecretary for terrorism and financial intelligence.