UPDATE 1-U.S. blacklists companies for helping facilitate Iran's exports of petroleum, petrochemicals

The Treasury said it slapped sanctions on six companies based in Iran, the United Arab Emirates and China that it said enable the shipment and sale of Iranian petrochemicals and support Triliance Petrochemical Co Ltd, a Hong Kong- based company blacklisted by the United States. The action targets Iran’s Zagros Petrochemical Co, which the Treasury said agreed…

WASHINGTON, Sept 3 (Reuters) – The United States on Thursday

imposed sanctions on 11 foreign companies, accusing them of

helping to facilitate Iran’s export of petroleum, petroleum

products and petrochemicals in violation of American sanctions.

The Treasury said it slapped sanctions on six companiesbased in Iran, the United Arab Emirates and China that it saidenable the shipment and sale of Iranian petrochemicals andsupport Triliance Petrochemical Co Ltd, a Hong Kong-basedcompany blacklisted by the United States.

The State Department also imposed sanctions on fivecompanies for engaging in transactions related to Iran’spetroleum and petrochemical industry, as well as on threeexecutive officers of the blacklisted companies.

“Our actions today reaffirm the United States’ commitment todenying the Iranian regime the financial resources it needs tofuel terrorism and other destabilizing activities,” U.S.Secretary of State Mike Pompeo said in a separate statement.

The move freezes any U.S. assets of those blacklisted andgenerally bars Americans from dealing with them.

The action targets Iran’s Zagros Petrochemical Co, which theTreasury said agreed to sell Triliance hundreds of thousands oftonnes of Iranian petrochemicals this year.

Triliance, a Hong Kong-based broker, was hit with sanctionsin January over accusations it ordered the transfer of theequivalent of millions of dollars to the National Iranian Oil Coas payment for Iranian petrochemicals, crude oil, and petroleumproducts.

The Treasury also blacklisted UAE-based Petrotech FZE andTrio Energy DMCC, Hong Kong-based Jingho Technology Co Ltd andDynapex Energy Ltd, as well as China-based Dinrin Ltd, accusingthem of being front companies for Triliance and Zagros.

“The Iranian regime uses revenue from petrochemical sales tocontinue its financing of terrorism and destabilizing foreignagenda,” Treasury Secretary Steven Mnuchin said.

Tensions between Washington and Tehran have spiked sinceRepublican President Donald Trump unilaterally withdrew in 2018from the Iran nuclear deal struck by his Democratic predecessor,Barack Obama, and began reimposing sanctions that had been easedunder the accord.(Reporting by Daphne Psaledakis; editing by Chizu Nomiyama andJonathan Oatis)

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