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US targets companies selling Iranian petrochemicals in fresh sanctions

PoliticsUS targets companies selling Iranian petrochemicals in fresh sanctions

Washington (The Times Groupe)- The United States has imposed fresh sanctions on Chinese and Emirati companies and a network of Iranian firms for helping export petrochemicals from Iran.

On June 16, the U.S. Treasury Department imposed penalties on two Hong Kong-based companies, three Iranian companies, and four UAE companies, as well as two Chinese and one Indian company.

The Treasury Department attributed the moves to negotiations to revive the 2015 Iran nuclear deal.

“The United States is seeking to achieve a mutual return to compliance with the Joint Comprehensive Plan of Action through meaningful diplomacy,” said Brian Nelson, Treasury undersecretary for terrorism and financial intelligence.

“Without a deal, we will continue to impose sanctions on Iran that limit the export of petroleum, petroleum products, and petrochemicals,” Nelson said.

In exchange for relief from U.S., European Union, and United Nations sanctions, Iran agreed to limit its nuclear program.

In 2018, then-U.S. president Donald Trump pulled out of the deal and restored U.S. sanctions, causing Iran to begin violating the restrictions. Efforts to revive the agreement have so far failed.

It was reported in March that a revised deal was close, but talks in Vienna abruptly stalled in April as Iran and Washington blamed each other for not taking the necessary political decisions to settle remaining issues.

There were disagreements over whether Washington would remove the Islamic Revolutionary Guards Corps (IRGC) from its list of designated foreign terrorist organizations.

The Islamic Republic of Iran has long denied attempting to secretly develop nuclear weapons. It claims its nuclear program is solely for peaceful purposes. Despite the collapse of the deal, Tehran has vastly expanded its nuclear work. iranian petrochemicals

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