US imposes sanctions on companies accused of playing critical role in production, sale & shipment of Iranian petrochemicals and petroleum

The United States on Thursday imposed sanctions on companies it accused of playing a critical role in the production, sale and shipment of Iranian petrochemicals and petroleum to buyers in Asia.

The US Treasury Department in a statement said it imposed sanctions on six Iran-based petrochemical manufacturers or their subsidiaries and three firms in Malaysia and Singapore over the production, sale and shipment of hundreds of millions of dollars worth of Iranian petrochemicals and petroleum. The latest US move against Iranian oil smuggling comes after efforts to revive Iran’s 2015 nuclear deal stalled and ties between the Islamic Republic and the West are increasingly strained with Iranians keeping up anti-government protests. American Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in the statement that Iran is increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of US sanctions.