News

US sanctions Chinese, UAE firms skirting Iran oil embargo

September 3, 2020 11:47 PM


Twitter Share Facebook Share WhatsApp Share

The United States on Thursday imposed sanctions against 11 Iranian, Chinese and United Arab Emirates companies accused of helping to bypass the American embargo on Iran's oil exports.

"Iran must stop exploiting its natural resources to fund terror and destruction across the region," US Secretary of State Mike Pompeo warned in a tweet. 

It was the latest in a series of sanctions that Washington has slapped on foreign companies doing business with Tehran.

US President Donald Trump in 2018 pulled out of the international agreement signed with the country to prevent it from acquiring nuclear weapons, which he said was ineffective, and immediately re-established and tightened US sanctions against the Islamic Republic.

The US State Department imposed punitive measures on Iran-based Abadan Refining Company, three China-based companies (Zhihang Ship Management CO Ltd., New Far International Logistics LLC, Sino Energy Shipping Ltd) and another based in the UAE (Chemtrans Petrochemicals Trading LLC). Three executives from Abadan, New Far and Sino Energy were also targeted. 

Meanwhile, the US Treasury Department has added to its blacklist six firms also based in those countries for doing business with Triliance Petrochemical, a company sanctioned in January for its involvement in the sale of Iranian petrochemical products.

Treasury said those funds are "a key revenue source for the Iranian regime, helping to finance its destabilizing support to corrupt regimes and terrorist groups throughout the Middle East and, more recently, Venezuela."

The newly blacklisted companies are the Iranian firms Zagros Petrochemical Company, UAE-based Petrotech FZE and Trio Energy DMCC, and Chinese companies Jingho Technology Co. Limited, Dynapex Energy Limited and Dinrin Limited, based in Hong Kong. 

 

 



Most Read

  1. Punjab governor appoints Lt Gen (retd) Abdul Aziz as PPSC Chairman Punjab governor appoints Lt Gen (retd) Abdul Aziz as PPSC Chairman
  2. 20 passengers perish in Chilas bus plunge 20 passengers perish in Chilas bus plunge
  3. Reason behind Shruti Haasan and Santanu Hazarika's separation after 4 years Reason behind Shruti Haasan and Santanu Hazarika's separation after 4 years
  4. Life is too short for leaks, Yashma Gill’s latest video ignites criticism Life is too short for leaks, Yashma Gill’s latest video ignites criticism
  5. Parineeti Chopra's husband Raghav Chadha undergoes ‘dangerous’ eye surgery in UK Parineeti Chopra's husband Raghav Chadha undergoes ‘dangerous’ eye surgery in UK
  6. Are Aftab Iqbal and Kapil Sharma coming together? Are Aftab Iqbal and Kapil Sharma coming together?

Opinion

  1. PM Shehbaz Sharif, WEF and Pakistan
    PM Shehbaz Sharif, WEF and Pakistan

    By Naveed Aman Khan

  2. Employing global best practices in Pakistan-Saudi ties
    Employing global best practices in Pakistan-Saudi ties

    By Nasim Zehra

  3. PML-N smashed PTI in by-polls
    PML-N smashed PTI in by-polls

    By News Desk

  4. Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity
    Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity

    By News Desk

  5. Tax on solar energy: Govt's misplaced priorities favour powerful stakeholders over people welfare  
    Tax on solar energy: Govt's misplaced priorities favour powerful stakeholders over people welfare  

    By Manzoor Qadir

  6. Legacy of Indian military subjugation in Kashmir
    Legacy of Indian military subjugation in Kashmir

    By Dr Ghulam Nabi Fai