The United States is imposing sanctions on a network of Iranian petrochemical producers and front companies in the People’s Republic of China (PRC), the United Arab Emirates, and Iran that support Triliance Petrochemical Co. Ltd. and Iran’s Petrochemical Commercial Company (PCC), entities instrumental in brokering the sale of Iranian petrochemicals abroad. This network helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in the PRC and other parts of East Asia.
The Biden Administration has been sincere and steadfast in pursuing a path of meaningful diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action (JCPOA). Absent a deal, we will continue to use our sanctions authorities to limit exports of petroleum, petroleum products, and petrochemical products from Iran.
Today’s action is pursuant to Executive Order (E.O.) 13846 and builds upon the past designation of Triliance and identification of PCC. Triliance was designated pursuant to E.O. 13846 on January 23, 2020, for facilitating the sale of Iranian petrochemical and petroleum products worth hundreds of millions of dollars from the National Iranian Oil Company to foreign customers, including in the PRC. PCC was identified pursuant to E.O. 13599 on November 5, 2018, for being wholly owned by the Government of Iran.
For more information on today’s action, please see the Department of the Treasury’s press release.