December 17, 2020

OFAC designates four entities for assisting a sanctioned company with the export of petrochemical products

On December 16, 2020, the US Department of the Treasury’s Office of Foreign Assets Control designated four entities based in China and the United Arab Emirates, pursuant to section 1(a)(iii)(B) of Executive Order 13846, for providing shipping services and financial transactions on behalf of Triliance Petrochemical Co. Ltd., thereby enabling that company to continue to export Iranian petrochemical products.  Triliance was designated in January 2020 for using various front companies to facilitate the purchase of petrochemical products by foreign buyers and then transporting those products from Iran.

As a result these designations, all US property belonging to designated entities is blocked, and all transactions with US persons are generally prohibited.  In addition, entities owned 50 percent or more by a designated person or entity is also blocked, and foreign financial institutions that knowingly conduct a significant transactions for the designated entities, risk exposure to sanctions that could sever their access to the US financial system, or block their interests in US property.

Department of Treasury Press Release