US sanctions China-based crude terminal operator of trading Iran oil

Washington, May 2 (PTI): The US on Friday sanctioned a China-based crude oil terminal operator for importing petroleum products from Iranian entities and warned others of facing the same consequences if they paid a toll to Tehran to cross the Strait of Hormu.

US sanctions China-based crude terminal operator of trading Iran oil

Washington, May 2 (PTI): The US on Friday sanctioned a China-based crude oil terminal operator for importing petroleum products from Iranian entities and warned others of facing the same consequences if they paid a toll to Tehran to cross the Strait of Hormuz.

“The US is taking decisive action to disrupt Iran’s illicit oil trade, the Iranian regime’s primary revenue streams that fund terrorism and regional destabilization,” US Department of State spokesman Tommy Pigott said in a statement.

Pigott said the department sanctioned multiple entities, an individual, and a vessel involved in the trade of Iranian petroleum and petroleum products.

The action targets a China-based petroleum terminal operator — Qingdao Haiye Oil Terminal Co., Ltd. — that has imported tens of millions of barrels of sanctioned Iranian crude oil since February last year.

The US also sanctioned Xingchun Li, a Chinese national and the president of QINGDAO HAIYE, and two vessel management companies – UK-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited.

The action against two vessel management companies was taken as part of measures targeting dark fleets used to transport and purchase Iranian Petroleum Products.

“The vessels managed by these companies play a key role in the Iranian export supply chain. They have also regularly engaged in dark activity and other deceptive shipping practices, endangering other vessels and trade flows,” the state department said.

In a separate action, the US Department of Treasury issued an alert, warning the maritime industry that paying “tolls” to the Iranian regime for safe passage through the Strait of Hormuz may result in sanctions exposure.

The Treasury also designated three Iranian foreign currency exchange houses and their associated front companies for facilitating billions of dollars in foreign currency transactions each year.

The designated entities are Pedram Pirouzan and Associates Partnership Company or Opal Exchange, Nasser Ghasemi Rad and Associates Partnership Company or Radin Exchange, and Tahayyori and Associates Partnership Company, commonly known as Tahayyori Guarantee Society or Arz Iran Exchange, the Treasury Department said. PTI SKU VN VN

(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)