The US on Thursday slapped sanctions on eight companies for their alleged involvement in the trade of Iranian petrochemical products. According to the US Treasury Department, these firms facilitated the purchase and sale of Iranian petrochemical products. The transactions were brokered by Triliance Petrochemical Co. Ltd. which was blacklisted by the US in January.
Washington accuses Tehran of using petroleum and petrochemical revenues to fund agendas to destabilize the Middle East and support corrupt regimes in the region. The penalties basically freeze all US assets of the sanctioned entities and ban all Americans from engaging in business with them.
The eight companies that were sanctioned last week included China-based Sibshur Ltd., Binrin Ltd., Jane Shang Co. Ltd., Glory Advanced Ltd., and Elfo Energy Holding Ltd; Singaporean company Jiaxiang Energy Holding Pte. Ltd; and Iranian firms Arya Sasol Polymer Company and Morvarid Petrochemical Company.
