The United States has imposed additional sanctions on Iran's petrochemical industry, targeting companies and individuals involved in the country's illicit exports.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that it is designating numerous Iranian entities and individuals for their involvement in the illicit export of petrochemical products. The designations are part of a broader effort to restrict Iran's ability to generate revenue from its destabilizing activities.
"These sanctions will further limit Iran's ability to generate revenue from its illicit exports, while also deterring other countries from engaging in similar activities," said a spokesperson for the Department of State.
The sanctions, which took effect today, target 18 Iranian companies and individuals involved in the export of petrochemical products. The list includes FIVA PLASTIK ANONIM SIRKETI, TRIOLIN TRADE FZCO, TANAIS TRADING, KANCHAN POLYMERS, ALCHEMICAL SOLUTIONS PRIVATE LIMITED, ELM KIMYA ITHALAT IHRACAT SANAYI VE TICARET ANONIM SIRKETI, LAVINYA PLAST KIMYEVI MADDELER VE PETROL URUNLERI NAKLIYE SANAYI IC VE DIS TICARET ANONIM SIRKETI, ORIENTAL COMMERCE GARDEN PT. ORIENTAL, RAMNIKLAL S GOSALIA AND COMPANY, JUPITER DYE CHEM PRIVATE LIMITED, GLOBAL INDUSTRIAL CHEMICALS LIMITED, and BAB AL BARSHA TRADING L.L.C.
The sanctions will prohibit U.S. persons from doing business with these entities or individuals, and will also restrict the sale of certain types of goods and services to them.
The Department of State urges all U.S. persons to report any transactions involving the blocked persons to OFAC.
## Sanctions Implications
As a result of today's sanctions-related actions, and in accordance with E.O. 13846, all property and interests in property of the designated persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control (OFAC).
Additionally, all entities and individuals that have ownership, either directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.
All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt.
The power and integrity of U.S. government sanctions derive not only from the U.S. government’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law.
The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.
Petitions for removal from the SDN List may be sent to:
OFAC.Reconsideration@treasury.gov
Petitioners may also refer to the Department of State’s Delisting Guidance page.