On February 9, 2023, the US Department of the Treasury’s Office of Foreign Assets Control designated 9 entities responsible for supporting the production, sale and shipment of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum to buyers in Asia. OFAC reports that all of the newly-designated entities were working on behalf of Triliance Petrochemical Co. Ltd, a Hong Kong-based broker that was previously designated by OFAC on January 23, 2020. The designees, which were sanctioned pursuant to Executive Order 13846, include 6 Iran-based petrochemical producers or their subsidiaries; 2 shipping companies based in Malaysia and Singapore; and a Singapore-based energy company that allegedly coordinated millions of dollars in petroleum-related payments for companies within Triliance’s network.
As a result of these designations, all property and interests in property of these designees within the United States or within the possession or control of a US person are blocked, and US persons are generally prohibited from engaging in transactions involving the designated persons.