Fresh US sanctions target Iran's petrochemical industry

The United States on February 9 imposed sanctions on companies it accused of playing a critical role in the production, sale and shipment of Iranian petrochemicals and petroleum to buyers in Asia, as Washington increases pressure on Tehran.

The US Treasury Department in a statement said it imposed sanctions on six Iran-based petrochemical manufacturers or their subsidiaries and three firms in Malaysia and Singapore over the production, sale and shipment of hundreds of millions of dollars worth of Iranian petrochemicals and petroleum, per Reuters.

The latest US move against Iranian oil smuggling comes as efforts to revive Iran's 2015 nuclear deal have stalled and ties between the Islamic Republic and the West are increasingly strained as Iranians keep up anti-government protests.

"Iran is increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of US sanctions," Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in the statement.

"The United States remains focused on targeting Tehran’s sources of illicit revenue, and will continue to enforce its sanctions against those who wittingly facilitate this trade," Nelson said.

Iran's mission to the United Nations in New York did not immediately respond to a request for comment.

The move on February 9 targeted firms the Treasury accused of being involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which was hit with sanctions by Washington in 2020.

Among the Iranian companies targeted were petrochemical producer Amir Kabir Petrochemical Co. (AKPC), its subsidiary Simorgh Petrochemical Co. and four subsidiaries of previously sanctioned Marun Petrochemical Co.