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The US Treasury has unleashed a sweeping wave of sanctions targeting an extensive network of companies and individuals accused of facilitating Iran’s oil and petrochemical exports in violation of existing sanctions. Announced on June 6th, the US move targets the financial and logistical infrastructure supporting Iran’s clandestine energy trade, particularly crude oil exports to Asia.
At the center of these sanctions are two Tehran-based companies, Nasser Zarrin Ghalam and Partners Company. The US alleges that these companies coordinated illegal oil transactions through a network of front companies. Dozens of these entities are registered in Hong Kong, the United Arab Emirates, and Iran, often using aliases and cover addresses to conceal their Iranian origin and enable oil shipments through forged documents.
Two UAE-based companies, ACE Petrochem FZE and Moderate General Trading LLC, have been sanctioned for their direct links to the National Iranian Tanker Company (NITC), a blacklisted entity central to Iran’s crude oil export machinery. Both companies are accused of facilitating the transportation and payment for crude oil through maritime and financial routes designed to evade detection.
Another key entity is Kimia Sadr Pasargad Company, headquartered in Tehran, identified as a pivotal player in Iran’s petrochemical exports. It now faces secondary sanctions, cutting off USD transactions and threatening foreign partners with penalties.
Hong Kong serves as the financial hub for much of this activity. Shell companies such as PrettyAndy Trading Limited and Golden Pen General Trading LLC have been cited for their roles in money laundering and concealing the origin of goods.
The US action aims to tighten the noose on Iran’s sanctioned oil at a time when Tehran is believed to be ramping up exports to China and other Asian nations through intermediaries. The US appears determined to disrupt Iran’s alternative energy networks, especially those with access to Asia’s major trading hubs.
According to Vortexa, Iran exported approximately 1.1 million barrels of crude oil per day to China in the past month. This figure represents a 20% decrease compared to the same period in May 2024. If compared to April, the export volume is even lower by about 400,000 barrels per day.
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