The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine entities involved in the production, sale, and shipment of Iranian petrochemicals and petroleum to buyers in Asia, in violation of US sanctions. Six Iran-based petrochemical manufacturers and three firms in Malaysia and Singapore have been targeted for facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which OFAC previously designated for facilitating the sale of Iranian petroleum products. The sanctions are aimed at targeting Tehran’s sources of illicit revenue, and all property and interests in property of the targeted entities must be blocked and reported to OFAC.
Hannah Newman Associate Editor Loyola University Chicago School of Law, JD 2024 On February 9, 2023, the United States imposed sanctions on companies accused of producing, selling, and shipping hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum. Iran, a major producer of hydrocarbons, holds some of the world’s largest deposits of oil …