Iran — Treasury Department Announces New Sanctions

  • The new sanctions cover 11 companies and three individuals.
  • The State Department posted details of the new sanctions on its website.
  • US sanctions, according to Iranian officials, have created more difficult conditions than the eight-year period of the Iran-Iraq War.

The United States has announced sanctions against 14 companies in Iran, China, and the United Arab Emirates for violating sanctions against Iran’s oil and petrochemical industries. The US Treasury Department has added a number of individuals and companies to its sanctions list as part of its “Maximum Pressure” policy.

The sanctions “reaffirm the United States’s commitment to denying the Iranian regime the financial resources it needs to fuel terrorism and other destabilizing activities,” US Secretary of State Mike Pompeo said in a statement.

Iran also said it could not sell a single drop of oil under sanctions. The new sanctions cover 11 companies and three individuals.

Of the 11 companies sanctioned, six are headquartered in Hong Kong, three in the UAE, and two in Iran. According to the US Treasury Department, the sanctioned individuals are two Chinese nationals and an Iranian national.

US Secretary of State Mike Pompeo took to Twitter on Thursday to announce a blacklisting of the companies. The Secretary of State tweeted that three executives of these companies were also sanctioned. “Iran must stop exploiting its natural resources to fund terror and destruction across the region,” Pompeo said.

The State Department posted details of the new sanctions on its website. Iran’s oil industry is one of the main sources of income for the Iranian regime and it carries out its destructive activities throughout the Middle East.

Following the report, the names of the companies and individuals subject to sanctions are also announced as follows:

  • Abadan Refining Company (Iran)
  • Zhihang Ship Management CO Ltd. (China)
  • New Far International Logistics LLC (China)
  • Sino Energy Shipping Ltd. (China)
  • Chemtrans Petrochemicals Trading LLC (UAE)

The US Treasury Department also sanctioned six entities for their cooperation and activities with Triliance Petrochemical Co. Ltd., which were sanctioned in January 2020 by the Treasury Department and the State Department:

  • Zagros Petrochemical Company (Iran)
  • Petrotech FZE (UAE)
  • Trio Energy DMCC (UAE)
  • Jingho Technology Co. Limited (Hong Kong)
  • Dynapex Energy Limited (Hong Kong)
  • Dinrin Limited (Hong Kong)

The individuals sanctioned today are Min Shi, employee of New Far; Zuoyou Lin, employee of Sino Energy; and Alireza Amin, employee of Abadan. The Iranian regime is spending the proceeds from the sale of petrochemicals to finance terrorism and “its destabilizing foreign agenda,” a Treasury Department statement quoted US Treasury Secretary Steven Mnuchin as saying.

Grace 1 sits anchored, with its name and Panama’s flag removed, after the Gibraltar Supreme Court lifted its detention order.

Iran: “No Oil for Food and Medicine”

The United States imposed tough sanctions, including against Iran’s oil and petrochemical industry, following the withdrawal from the JCPOA agreement. The US sanctions, according to the officials of the Islamic Republic, have created more difficult conditions than the eight-year period of the Iran-Iraq War, and have caused billions of dollars in damage to the Iranian economy.

Mohammad Bagher Nobakht, head of the country’s program and budget, announced on Thursday, September 3, that Iran was at the “peak of oppressive sanctions.” Says Nobakht:

“The most severe phase of the oil embargo was against food, but now we are in a situation where these injustices and our strongholds do not even allow the sale of a drop of oil for food and medicine, and even if it is sold, it is not possible to exchange money.”

US President Donald Trump has repeatedly told the Iranian leader that he is ready for any unconditional talks, but Supreme Leader Ayatollah Ali Khamenei has repeatedly rejected the US president’s request in his speeches.

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Joyce Davis

My history goes back to 2002 and I  worked as a reporter, interviewer, news editor, copy editor, managing editor, newsletter founder, almanac profiler, and news radio broadcaster.

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