Department of the Treasury officials said the agency’s Office of Foreign Assets Control (OFAC) has sanctioned four international petrochemical and petroleum companies they said aided financing of Iran’s terrorist activities.
The action targets Triliance Petrochemical Co. Ltd. (Triliance), a Hong Kong-based broker with branches in Iran, United Arab Emirates, China, and Germany; Hong Kong-based Sage Energy HK Limited (Sage Energy) and Shanghai-based Peakview Industry Co. Limited (Peakview); and Dubai-based Beneathco DMCC, noting the entities collectively transferred the equivalent of hundreds of millions of dollars’ worth of exports from the National Iranian Oil Company (NIOC), an entity instrumental in Iran’s petroleum and petrochemical industries, which also helps to finance Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
“Iran’s petrochemical and petroleum sectors are primary sources of funding for the Iranian regime’s global terrorist activities and enable its persistent use of violence against its own people,” Treasury Secretary Steven T. Mnuchin said.
The sanctions mean all property and interests in property of persons designated subject to U.S. jurisdiction are blocked, and U.S persons are generally prohibited from engaging in transactions with them.
Foreign financial institutions knowingly facilitating significant transactions for, or persons providing material or certain other support to the persons designated risk exposure to sanctions that could sever access to the U.S. financial system or block their property and interests in property under U.S. jurisdiction.