Aug 1, 2022 - World

U.S. issues sanctions on Iran petroleum and petrochemical sales

Iran petrochemical plant

Chemical storage tanks at the Arya Sasol Polymer Co. petrochemical complex in Asaluyeh, Iran, in July 2019. Photo: Ali Mohammadi/Bloomberg via Getty Images

The U.S. unveiled a fresh spate of sanctions against six entities that have facilitated the international sale of Iranian petroleum and petrochemical products.

Driving the news: The development — which follows other sanctions levied in June and July against the international networks supporting Iranian petrochemical sales — comes as formal talks over reviving the 2015 nuclear deal remain stalled.

The big picture: The sanctions are aimed at four companies — three Chinese firms and one United Arab Emirates company — that were used by one of Iran's largest petrochemical brokers to sell Iranian petroleum and petrochemical products to East Asia, according to a Treasury Department press release.

  • As a result of the sanctions, assets the companies have in the U.S. are frozen and Americans are barred from conducting transactions with them.
  • In concurrence with the Treasury sanctions, the State Department also sanctioned a Singaporean company and a Chinese company that had facilitated the sale and transfer of Iranian petroleum and petroleum products, Secretary of State Antony Blinken said in a statement Monday.

What they're saying: “The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of" the 2015 nuclear deal, Brian Nelson, the Treasury's undersecretary for terrorism and financial intelligence, said in the press release.

  • “Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals," Nelson added.
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