Under Donald Trump’s presidency, India ceased importing crude oil from Iran in 2019.
New Delhi, 1st October: The US sanctioned an Indian company for purchasing Iranian oil (petroleum)and petrochemicals a day after External Affairs Minister S Jaishankar’s visit.
Tibalaji Petrochem Private Limited, an Indian petrochemical company, is among those sanctioned by the US, along with companies from the United Arab Emirates and Hong Kong. The sanctions targeted Iranian brokers and a number of front companies in India, the United Arab Emirates, and Hong Kong that facilitated financial transfers and the shipping of Iranian petroleum and petrochemical products.
Tibalji Petrochem Pvt Ltd purchased millions of dollars in petrochemical products, including methanol and base oil, from Triliance, an Iranian company that brokers the sale of Iranian products to foreign purchasers, for onward shipment to China, according to the US Department of Treasury’s Office of Foreign Assets Control (OFAC).
“The Office of Foreign Assets Control of the US Treasury Department has today imposed sanctions on a global network of companies that sold Iranian petrochemicals and petroleum products worth hundreds of millions of dollars to final consumers in South and East Asia (OFAC),” In a statement, the US Treasury Department said.
“The action is taken today targets a number of front companies in the UAE, Hong Kong, and India, as well as Iranian brokers who have facilitated the shipping of Iranian petroleum and petrochemical products and financial transfers,” It was also added.
Following the US’s decision to not renew sanction waivers for a number of nations, including India, India stopped importing crude oil from Iran in 2019 under Donald Trump’s administration.
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