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US Blacklists 5 UAE-Based Companies Over Buying Iran Oil

US Blacklists 5 UAE-Based Companies Over Buying Iran Oil
UAE. (Dreamstime)

Thursday, 19 March 2020 07:31 PM

The United States on Thursday imposed sanctions on five United Arab Emirates-based companies, accusing them of having collectively purchased in 2019 hundreds of thousands of metric tons of petroleum products from Iran.

The U.S. Treasury Department said in a statement the blacklisted companies - Petro Grand FZE, Alphabet International DMCC, Swissol Trade DMCC, Alam Althrwa General Trading LLC and Alwaneo LLC Co - purchased the petroleum products in 2019 from the National Iranian Oil Company for delivery to the United Arab Emirates.

In 2019, these five companies collectively purchased hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company (NIOC).  Iran’s petroleum and petrochemical industries are major sources of revenue for the Iranian regime, which has used these funds to support the Islamic Revolutionary Guard Corps-Qods Force’s (IRGC-QF) malign activities throughout the Middle East, including the support of terrorist groups.  At least three of these companies have falsified documents to conceal the Iranian origin of these shipments.

“The Iranian regime uses revenues from petroleum and petrochemical sales to fund its terrorist proxies, like the IRGC-QF, instead of the health and well-being of the Iranian people,” said Secretary Steven T. Mnuchin.  

“The Trump administration will continue to target and isolate those who support the Iranian regime and remains committed to facilitating humanitarian trade and assistance in support of the Iranian people.”

The announcement, which followed the blacklisting of Chinese and South African companies earlier this week over Iran oil trade, seemed a further indication Washington would not ease its campaign of choking off Tehran's ability to export its oil, despite appeals from China and others that it do so on humanitarian grounds because of the coronavirus outbreak.

The U.S. "maximum pressure" campaign, instituted after President Donald Trump in 2018 unilaterally withdrew from the 2015 nuclear deal Iran struck with six major world powers, aims to force Tehran to limit its nuclear, missile and regional activities.

Thursday's sanctions freeze any U.S.-held assets of the companies and generally bar Americans from doing business with them.

Newsmax Wire contributed to this story.

© 2020 Thomson/Reuters. All rights reserved.

   
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The United States on Thursday imposed sanctions on five United Arab Emirates-based companies, accusing them of having collectively purchased in 2019 hundreds of thousands of metric tons of petroleum products from Iran.
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2020-31-19
Thursday, 19 March 2020 07:31 PM
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