Indian company sanctioned by the US for import of Iranian oil bound for China
India-US
The US treasury department earlier this week imposed sanctions on companies suspected of involvement in Iran's petrochemical and petroleum trade. One of the companies to have been sanctioned is reportedly based in India.
In what can be described as the first such move against an oil shipment company in India, Washington sanctioned Mumbai-based Tibalaji Petrichem Private Limited. Reportedly, the company is suspected of 'purchasing millions of dollars worth' petrochemical products from Iran, bound for China.
“Today’s action targets Iranian brokers and several front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum and petrochemical products,” read the department's statement.
“India-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars’ worth of Triliance-brokered petrochemical products, including methanol and base oil, for onward shipment to China," the statement added.
Read more:US imposes fresh sanctions on export of Iran oil
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Notably, after former President Donald Trump started his maximum pressure tactic, Iran was subjected to harsh sanctions. New Delhi, meanwhile, refused to endorse the sanctions but keeping the bilateral relations in mind, ceased oil imports from Iran in 2019.
The timing of the sanction on Tibalaji is rather interesting. It comes days after external affairs minister S Jaishankar wrapped up his whirlwind tour of the US.
Sources close to the matter, however, believe that the sanctions on the Indian company could be revoked if Iran returns to the table and signs the Joint Comprehensive Plan of Action (JCPOA).
WATCH |US targets companies for violating Iran oil sanctions
As reported by WION, Washington and Tehran's indirect talks to revive the2015 nuclear pact or JCPOA have broken down.
"As Iran continues to accelerate its nuclear programme in violation of the JCPOA, we will continue to accelerate our enforcement of sanctions on Iran’s petroleum and petrochemical sales under authorities that would be removed under the JCPOA," US secretary of state Anthony Blinken said in a statement.
(With inputs from agencies)
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