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State Department sanctions six companies engaged with Iranian petroleum

Foggy Bottom also noted 20 vessels associated with the companies in Vietnam, China, Iran and the United Arab Emirates.

U.S. Treasury Department. Credit: Credit: U.S. Department of the Treasury.
U.S. Treasury Department. Credit: Credit: U.S. Department of the Treasury.

The U.S. government will sanction a number of companies that facilitate Iran’s petroleum trade, announced the U.S. State Department on Thursday. Foggy Bottom also designated six entities that have transported or sold Iranian petroleum or petrochemical products and identified 20 vessels associated with the six.

The entities are Golden Lotus Oil Gas and Real Estate Joint Stock Company (Vietnam), Global Marine Ship Management Company and Shanghai Xuanrun Shipping Company (both in China) Swedish Management Company (United Arab Emirates) and Shiraz Petrochemical Company and Bushehr Petrochemical Company (both in Iran).

Foggy Bottom also identified eight vessels linked to Golden Lotus, six connected to Swedish Management and six associated with Shanghai Xuanrun.

The U.S. Treasury Department is also authorizing the “wind down and limited safety and environmental transactions involving certain vessels in which one or more of the blocked entities identified above have an interest, through 12:01 a.m. Eastern Standard Time, June 30, 2023.

“As a result of today’s actions, all property and interests in property of these targets that are in the United States or in possession or control of U.S. persons must be blocked and reported to OFAC,” the department stated, using the acronym for Office of Foreign Assets Control.

“Furthermore, anyone conducting transactions that involve the designated entities and identified vessels risks exposure to U.S. sanctions,” it added. “These designations underscore our continued efforts to enforce our sanctions against Iran. We will not hesitate to take action against those who try to circumvent our sanctions.”

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