US imposes fresh sanctions: More trouble for Chinese, UAE firms

IFM Correspondent — Thu, 11 Aug 2022 00:00:57 +0000

The United States recently announced additional sanctions against Iran, this time focusing on Chinese and other firms it claimed were employed by one of Iran’s top petrochemical brokers to enable the sale of Iranian petroleum and petrochemical products to East Asia for tens of millions of dollars.

According to a statement from the US Treasury Department, the Iranian Persian Gulf Petrochemical Industry Commercial Co (PGPICC) reportedly took advantage of the firms to sell Iranian oil and petrochemical products to East Asia.

The United States imposed penalties on companies from Singapore, Hong Kong, and the United Arab Emirates, as per the Treasury website. The US has intensified its efforts to impose sanctions in an effort to lower Iran’s earnings from oil and petrochemicals.

Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E Nelson said, “The United States is still working to seek a mutual return to full implementation of the Joint Comprehensive Plan of Action through diplomacy.”

“We will continue to impose sanctions against the unauthorized sale of Iranian petroleum and petrochemicals until Iran is prepared to resume fully implementing its promises,” he added.

The designated companies are subject to Treasury penalties, which generally forbid Americans from doing business with them and freeze any US-based assets. Also, those who do certain transactions with the listed businesses run the risk of receiving penalties.

In an effort to save the 2015 Iran nuclear deal, the Joint Comprehensive Plan of Action, US President Joe Biden has refrained from implementing penalties on Chinese companies that trade in oil and petrochemicals with Iran since taking office in January 2021.

Since the nuclear agreement, which limited Iran’s nuclear program in exchange for respite from the US and international sanctions, has so far failed to be renewed, the US administration is now looking into different methods to put more pressure on Iran.

The Treasury targeted the UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC, alleging that it helped sell Triliance Petrochemical Co Ltd. in Hong Kong petroleum products of Iranian provenance worth millions of dollars.

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Saudi Arabia backs Donald Trump’s ‘firm strategy’ on Iran, nuclear deal

Bharath Kumar — Sat, 14 Oct 2017 08:25:18 +0000

The Kingdom of Saudi Arabia welcomes and supports the resolute strategy announced by President Donald Trump, President of the United States of America with regards to addressing Iran and its malign behavior. The Kingdom commends the President’s clear-eyed vision, and his commitment to working with the United States’ allies in the region to confront common threats, especially those posed by Iran’s aggressive policies and behavior in the region.

The Kingdom had previously announced its support for the agreement between Iran and the P5+1 based on its belief for the need to prevent the proliferation of weapons of mass destruction and the need to prevent Iran from obtaining a nuclear weapon, as well as the Kingdom’s commitment to achieving peace and security in the region and the world.

However, Iran had misused the economic benefits it gained from the lifting of sanctions, and used them to continue its destabilizing behavior in the region, especially through its development of ballistic missiles, and its support for terrorism in the region, including Hezbollah and the Houthi militia.

Iran went beyond that in a blatant violation of international resolutions, as it transferred its capabilities and expertise to its proxies, including the Houthi militias, who used these missiles to target the Kingdom. This proves the fallacy of Iran’s claims that its development of these capabilities is for defensive purposes.

Iran, through the Revolutionary Guard and the Houthi militias under its control, also continued its attempts to restrict international maritime navigation in the Red Sea and the Arabian Gulf, and continued its cyber attacks against the Kingdom and countries in the region.

The post Saudi Arabia backs Donald Trump’s ‘firm strategy’ on Iran, nuclear deal appeared first on International Finance.

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US imposes fresh sanctions: More trouble for Chinese, UAE firms

Saudi Arabia backs Donald Trump’s ‘firm strategy’ on Iran, nuclear deal