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US unveils new sanctions on Iranian petrochemical network and front companies

The move comes as the Iran nuclear deal — formally known as the Joint Comprehensive Plan of Action (JCPOA) — is on the verge of collapse.

“The United States is pursuing the path of meaningful diplomacy to achieve a mutual return to compliance with the Joint Comprehensive Plan of Action. Absent a deal, we will continue to use our sanctions authorities to limit exports of petroleum, petroleum products, and petrochemical products from Iran,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a press release.

According to the US Treasury Department, the sanctioned network “helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in the (People’s Republic of China) and the rest of East Asia.”

Thursday’s sanctions build on past sanctions against Triliance Petrochemical Co. Ltd. (Triliance), which was sanctioned in 2020, and Iran’s Petrochemical Commercial Company (PCC), which was sanctioned in 2018. According to the Treasury Department, these two entities are “instrumental in brokering the sale of Iranian petrochemicals abroad.”

This story is breaking and will be updated.

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