Treasury sanctions Iranian petrochemical firms tied to Asia

WASHINGTON — The Treasury Department said Wednesday that it has sanctioned a group of front companies and individuals tied to the sale and shipment of Iranian petroleum and petrochemical products to East Asia. Treasury’s Office of Foreign Assets Control imposed the sanctions on several companies, including Iran-based Jam Petrochemical Co., which has exported hundreds of millions of dollars worth of products to countries throughout Asia, including China. Brian E. Nelson, Treasury’s undersecretary for terrorism and financial intelligence, said in a statement that while the U.S. “is committed to achieving an agreement with Iran that seeks a mutual return” to the Iran nuclear deal, “we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals.” Iran is nursing a battered economy, with its currency hitting its lowest value ever, after the U.S. withdrew from the nuclear deal in May 2018. “Absent a change in course from Iran, we will continue to use our sanctions authorities to target exports of petroleum, petroleum products, and petrochemical products from Iran,” a State Department statement reads.