US targets Chinese_ UAE firms in new Iran oil sanctions

The United States has imposed sanctions on Chinese and other firms it said helped to sell Iranian oil and petrochemical products worth of tens of millions of dollars to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme.
 
The US Treasury and the US State Departments imposed sanctions on a total of six companies_ four based in Hong Kong_ one in Singapore_ and another in the United Arab Emirates (UAE)_ reports Reuters.

The Treasury accused Persian Gulf Petrochemical Industry Commercial Co (PGPICC)_ one of Iran's largest petrochemical brokers_ of using the firms to facilitate the sale of Iranian petroleum and petrochemical products to East Asia.

They targeted UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC_ which it said helped sell millions of dollars of Iranian-origin petroleum products to Hong Kong-based Triliance Petrochemical Co. Ltd._ which has previously been sanctioned by the US.
 
It also targeted Hong Kong-based Farwell Canyon HK Limited and Shekufei International Trading Co._ Limited for facilitating such sales for onward shipment to buyers in East Asia.

The Treasury accused PGPICC of using the firms' bank accounts_ along with those of Hong Kong and Malaysia-based PZNFR Trading Limited_ to collect millions of dollars in proceeds.

Separately_ the State Department sanctioned Singapore-based Pioneer Ship Management PTE LTD for allegedly managing a vessel that carried Iranian petroleum products and Hong Kong-based Golden Warrior Shipping Co Ltd_ for alleged transactions related to Iranian oil and petroleum products.

The actions freeze US-based assets and generally bar Americans from dealing with them. Others that engage in certain transactions with the targeted firms also risk being sanctioned.

The steps represent the third round of US Iran-related sanctions against Chinese firms in the last two months.