United States wants to stop Iran from selling petrochemicals to Asia

• The US puts six companies on a list of those that can’t do business with them.
• They helped Iran get petrochemicals to East Asia while avoiding sanctions over Tehran’s nuclear programme.
• The sanctions freeze their assets in the US and limit their ability to use the global financial system.

On Monday, the United States government put six companies on a list of those that can’t do business with them because they helped Iran get petrochemicals to East Asia while avoiding sanctions over Tehran’s nuclear programme.

Three trading companies in Hong Kong and one in the United Arab Emirates were hit with sanctions by the US Treasury for helping Iran’s Persian Gulf Petrochemical Industry Commercial Co. ship “millions of dollars worth” of oil and petrochemical products to unnamed East Asian buyers.

The Treasury says that the companies were part of “an international sanctions evasion network” that helped Iran get export money while it was struggling with international economic pressure.

Also, the US State Department put two shipping companies, one from Qingdao, China, and the other from Singapore, on a “blacklist” because they helped get the petrochemicals to their buyers.

The Glory Harvest, a tanker ship with a flag from Panama that is owned by the Qingdao company, was also put on the blacklist.

The sanctions freeze any assets the entities have in the US and make it illegal for US people or businesses to do business with them. This limits their ability to use the global financial system.

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