The United States imposed sanctions on Indian corporation for acquiring Iranian oil and petrochemicals a day after External Affairs Minister S. Jaishankar’s visit.
The US has sanctioned a number of businesses, including several from the United Arab Emirates and Hong Kong, including the Indian petrochemical firm Tibalaji Petrochem Private Limited. The Iranian brokers and a number of front firms in India, the United Arab Emirates, and Hong Kong that helped facilitate money transfers and the shipping of Iranian petroleum and petrochemical items have been targeted by the sanctions.
According to the Office of Foreign Assets Control (OFAC) of the US Department of Treasury, Tibalji Petrochem Pvt Ltd has purchased petrochemical products worth millions of dollars from Triliance, an Iranian company that facilitates the sale of Iranian goods to foreign buyers, for later shipment to China. These products include methanol and base oil.
In a statement, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) said that it had ‘sanctioned a transnational network of organisations involved in the sale of Iranian petrochemicals and petroleum products worth hundreds of millions of dollars to end users in South and East Asia.’
‘Today’s action targets Iranian brokers and a number of front companies in the United Arab Emirates, Hong Kong, and India that have enabled financial transfers and shipping of Iranian petroleum and petrochemical commodities,’ the statement stated.
The Indian government has yet to make a statement.
India stopped importing crude oil from Iran in 2019 under Donald Trump’s administration after the US decided not to renew the sanctions waivers granted to a number of nations, including India.
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