US Treasury freezes assets of network selling Iranian oil

US Treasury on Wednesday (June 6) said that it was freezing assets of members of an international network. The international network was violating oil sanctions on Tehran by way of selling millions of dollars' worth of Iranian oil to East Asia.

The asset freeze is targetting Iranian petrochemical firms in addition to China and UAE-based alleged front companies for Iran's state-owned company. The sanctions are also targetting Triliance, a Hong Kong-based company already under US sanctions for its dealings with Iran.

Washington had already imposed sanctions on Iranian petrochemical producers in mid-June, as well as Chinese and Indian brokers, expanding pressure amid a deadlock in negotiations on restoring a 2015 deal to curb Iran's nuclear program.

"While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions," the Treasury said, referring to the nuclear deal.

Wednesday's announcement came ahead of a highly-anticipated visit next week by President Joe Biden to Israel and Saudi Arabia when efforts to contain the nuclear threat from Iran will be top of the agenda.

Sanctions were also imposed on China-based broker Jeff Gao and Indian national Mohammad Shaheed Ruknooddin Bhore for allegedly managing business for Triliance.

All of the targets' property and interests in the United States will be frozen, and US-based people and companies are blocked from conducting business dealings with them.

(With inputs from agencies)

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