Image: Reuters Berita 24 English - The US placed sanctions on Chinese and Emirati corporations, as well as a network of Iranian companies ...
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| Image: Reuters |
Berita 24 English - The US placed sanctions on Chinese and Emirati corporations, as well as a network of Iranian companies that help export Iran's petrochemicals, on Thursday, a move that could increase pressure on Tehran to resurrect the 2015 Iran nuclear deal.
The US Treasury Department announced sanctions against two Hong Kong-based firms, three Iranian companies, and four UAE entities, as well as Chinese citizen Jinfeng Gao and Indian national Mohammed Shaheed Ruknooddin Bhore.
In a statement, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson stated, "The United States is pursuing the road of serious diplomacy to seek a reciprocal return to compliance with the Joint Comprehensive Plan of Action," referring to the 2015 nuclear accord.
Iran agreed to curtail its nuclear programme in exchange for respite from sanctions imposed by the United States, the European Union, and the United Nations, which had suffocated Iran's oil-dependent economy.
In 2018, then-US President Donald Trump withdrew from the agreement and reinstated US sanctions, prompting Iran to begin breaking nuclear limitations a year later. So far, efforts to resurrect the deal have failed.
"In the absence of an agreement, we will continue to exercise our sanctions authorities to restrict Iranian oil, petroleum products, and petrochemical exports," Nelson warned.
The latest restrictions were blasted as ineffectual by Iran's deputy foreign minister for economic diplomacy in Tehran.
"Our petrochemical industry and its products have been subject to sanctions for a long time, but our sales have persisted through numerous channels and will continue to do so," Mehdi Safari said on Iranian state television.
The sanctions, according to Henry Rome, deputy head of research at the Eurasia Group, may be designed to increase pressure on Iran while also stifling domestic critics who claim that US President Joe Biden has failed to rein in Iran's nuclear development.
"Washington is likely aiming to increase the costs for Iran of a continued no-deal scenario while also deflecting domestic and international criticism that it is allowing its Iran policy to drift," Rome said, adding that a single sanction action would be unlikely to change Iran's or China's minds without a broader strategy.
"In fact, given the situation of the oil market and global inflationary pressures, Tehran may conclude that a concerted (US) drive to bring Iranian energy exports back to Trump-era levels is unlikely in the near future," Rome wrote.
In March, the nuclear pact appeared to be on the verge of being resurrected, but talks broke down over whether the Islamic Revolutionary Guard Corps, which controls armed and intelligence forces that Washington accuses of waging a global terrorist campaign, would be removed from the US Foreign Terrorist Organization list.
The Hong Kong-based companies are Keen Well International Ltd and Teamford Enterprises Ltd, while the Iran-based corporations are Fanavaran Petrochemical Company, Kharg Petrochemical Company Ltd, and Marun Petrochemical Company, according to the Treasury Department.
The two Hong Kong-based enterprises, as well as Gao, could not be reached for comment right away.
Kharg was unavailable for comment late Thursday, the Iranian weekend, while Fanavaran and Marun did not respond to requests for comment.
Future Gate Fuel and Petrochemical Trading L.L.C., GX Shipping FZE, Sky Zone Trading FZE, and Youchem General Trading FZE are the four UAE-based companies listed by the Treasury. Reuters was unable to contact them for comment due to a lack of contact information.
All of the firms' property and interests in property that are subject to US jurisdiction are frozen, and those who interact with them may be sanctioned or fined in certain circumstances.
