US Treasury forces restrictions on network that operate with...| MENAFN.COM

Saturday, 13 August 2022 11:27 GMT

US Treasury forces restrictions on network that operate with Iranian oil


(MENAFN) The US Treasury Department declared on Wednesday that it forced restrictions on a worldwide network of individuals and entities that used front firms to ease the sale and distribution of Iranian oil.

It stated in an announcement that two Iranian-based firms bought and transferred petrochemical outputs from several US-restricted Iranian companies valued at hundreds of millions of dollars to firms across East Asia.

Petroleum outputs were traded to additional Iranian-based firm for forward export to China by "the use of front bank accounts and companies in order to obfuscate the shipment and sale of Iranian origin petrochemicals," it stated.

In line with the agency more than half a dozen extra companies acted as front firms by hiding their roles to evade US restrictions by materially assisting or supplying economic or technological support.

It also stated that two United Arab Emirates-based Iranian individuals also had a role to export Iranian crude oil and petrochemical output on behalf of a Switzerland-based company.

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