{"id":1724,"date":"2022-09-30T17:00:18","date_gmt":"2022-09-30T17:00:18","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=1724"},"modified":"2022-09-30T17:00:21","modified_gmt":"2022-09-30T17:00:21","slug":"u-s-imposes-sanction-against-indian-petrochemical-company-for-clandestine-iran-oil-purchases","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/1724\/","title":{"rendered":"U.S. imposes sanction against Indian petrochemical company for \u2018clandestine\u2019 Iran oil purchases"},"content":{"rendered":"
\n

Move by U.S. is first such action against Indian company, comes day after EAM Jaishankar U.S. visit<\/p>\n\n\n\n

In the first such move against oil shipments to India, the U.S. Treasury department announced it had imposed sanctions against a Mumbai based petrochemical company amongst several entities accused of selling Iranian petroleum products. <\/p>\n\n\n\n

The company, Mumbai based Tibalaji in particular that was accused purchasing shipments that were then sent to China, is the first Indian entity to face the U.S. designation under unilateral sanctions passed in 2018-19, after the U.S. Trump administration\u2019s decision to walk out of the nuclear deal, or Joint Comprehensive Plan of Action (JCPOA) with Iran. While India has officially refused to endorse the \u201cunilateral sanctions\u201d of the U.S., the Modi government agreed to end all oil imports from Iran in 2019, that made up about 11% of India\u2019s intake, rather than face the sanctions. <\/p>\n\n\n\n

Announcing the move\u00a0on Thursday, the U.S. Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) said it had sanctioned the \u201cinternational network of companies\u201d that were involved in the sale of \u201chundreds of millions of dollars\u201d worth Iranian petrochemical products to South Asia and East Asia.<\/p>\n\n\n\n

\u201cToday\u2019s action targets Iranian brokers and several front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum and petrochemical products,\u201d the treasury department said, accusing the sanctioned companies of \u201cconcealing the origin\u201d of the shipments from Iran.<\/p>\n\n\n\n

\u201cIndia-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars\u2019 worth of Triliance-brokered petrochemical products, including methanol and base oil, for onward shipment to China,\u201d the Treasury statement added, explaining that any U.S.-based assets owned by the sanctioned entities in the U.S. will be blocked, while personnel dealing with the Iranian shipments would also face \u201cenforcement action\u201d.\u00a0<\/p>\n\n\n\n

The U.S. claimed that the Indian company had worked with sanctioned entities like Triliance, a petroleum and petrochemical brokerage firm, as well as Iran Chemical Industries Investment Company and Middle East Kimiya Pars Co., for oil orders which were \u201cultimately shipped to India\u201d.<\/p>\n\n\n\n

Neither the Ministry of External Affairs, nor Tibalaji Petrochemicals responded to requests for a comment on the U.S. decision, that came a day after External Affairs Minister S. Jaishankar concluded his visit to the U.S., where he met several senior officials including U.S. Secretary of State Antony Blinken.<\/p>\n\n\n\n

The Iranian embassy said it had no knowledge of any Indian company that was \u201cregistered to deal with such businesses\u201d. However, a diplomat familiar with the issue said that the U.S. move was \u201chostile\u201d, and called the sanctions \u201cillegal\u201d. The diplomat said, \u201cIran has never taken permission from the U.S. and accordingly it will adopt any necessary measure to ensure its legal rights and national interests.\u201d <\/p>\n\n\n\n

\u201cToday we took further actions to disrupt efforts to evade sanctions on the sale of Iranian petroleum and petrochemical products,\u201d Mr. Blinken tweeted. When asked, neither the MEA nor U.S. officials commented on whether Mr. Blinken had discussed the impending sanctions with Mr. Jaishankar in Washington.<\/p>\n\n\n\n

According to the Treasury department, the sanctions against Tibalaji and other companies could be reversed if Iran returns to compliance under the JCPOA agreement. Iran and International Atomic Energy Agency officials held a round of talks in Vienna this week to discuss the possibility of Iran\u2019s agreement to reallow inspectors back to Iran for oversight over reactors. The U.S. and Iran have also exchanged their stands indirectly via the European Union for a \u201cfinal draft\u201d on rejoining the JCPOA.<\/p>\n\n\n\n

\u201cThe United States is committed to severely restricting Iran\u2019s illicit oil and petrochemical sales,\u201d said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson; \u201cSo long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products.\u201d <\/p>\n\n\n\n

Along with Tibalaji petrochemicals, the OFAC announced sanctions against several oil shipping and brokering companies in the UAE, Iran and Hongkong and added the company linked to the Panama registered shipping vessel Gas Allure <\/p>\n\n\n\n

\u201cThese entities have played a critical role in concealing the origin of the Iranian shipments and enabling two sanctioned Iranian brokers, Triliance Petrochemical Co. Ltd. (Triliance) and Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), to transfer funds and ship Iranian petroleum and petrochemicals to buyers in Asia\u201d the U.S. Treasury claimed.<\/p>\n

Updated on