September 3, 2020

OFAC targets companies supporting trade in Iranian petrochemical products

The Office of Foreign Assets Control of the US Department of the Treasury has designated six entities based in Iran, the United Arab Emirates and China, pursuant to Section 1(a)(iii)(B) of Executive Order 13846 for supporting the activities of a designated entity, Triliance Petrochemical Co. Ltd., in promoting the sale of petrochemical products from Iran.  According to OFAC, Zagros Petrochemical Company, Petrotech FZE, Jingho Technology Co. Limited, Dynapex Energy Limited, Trio Energy DMCC and Dinrin Limited have helped facilitate the shipment and resale of tens of thousands of tons of petrochemical products on behalf of Iran.

Following these designations, US property of the designated entities is blocked, and US persons are generally prohibited from engaging in transactions with blocked assets or entities.  In addition, foreign financial institutions that knowingly support the designated entities may be subject to secondary sanctions.

US Dept. of the Treasury press release