The Federal government last week announced sanctions against Iran’s biggest petrochemical holding company on allegations that it provides financial support to the country’s military.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the company on Friday, including 39 subsidiary firms and foreign-based sales agents. Altogether, the organization sanctioned last week controls 40 percent of the country’s total petrochemical production capacity and 50 percent of its total petrochemical exports.
OFAC says the firm provides significant financial assistance to the Islamic Revolutionary Guard Corps (IRGC) which the U.S. government has long accused of manipulated the country’s economy and stolen its wealth in order to conduct “malign activities” including nuclear proliferation, terrorism, and human rights abuses around the world.
OFAC’s designation of this firm comes after an executive order issued by the Trump Administration last November that makes buying petroleum products from Iran a sanctionable event. Now that the firm and its subsidiaries have been sanctioned, OFAC warns that continued trade with those entities will also make parties who conduct business with these potentially subject to sanction themselves.
The firm’s designation by OFAC means that it is now legally barred from exercising rights in property situated within the jurisdiction of the United States, and Americans are forbidden from knowingly engaging in business with these entities.
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