U.S. imposes sanction against Indian petrochemical company
U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases
In the first such move against oil shipments to India, the U.S. Treasury department announced it had imposed sanctions against a Mumbai based petrochemical company amongst several entities accused of selling Iranian petroleum products.
The company, Mumbai based Tibalaji that was accused of purchasing shipments that were then sent to China, is the first Indian entity to face the U.S. designation under unilateral sanctions passed in 2018-19, after the Trump administration’s decision to walk out of the nuclear deal, or Joint Comprehensive Plan of Action (JCPOA) with Iran.
While India has officially refused to endorse the “unilateral sanctions” of the U.S., the Modi government agreed to end all oil imports from Iran in 2019, that made up about 11% of India’s intake, rather than face the sanctions.
Announcing the move, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) said it had sanctioned the “international network of companies” that were involved in the sale of “hundreds of millions of dollars” worth Iranian petrochemical products to South Asia and East Asia.
The U.S. claimed that the Indian company had worked with sanctioned entities like Triliance, a petroleum and petrochemical brokerage firm, as well as Iran Chemical Industries Investment Company and Middle East Kimiya Pars Co., for oil orders which were “ultimately shipped to India”.
According to the Treasury department, the sanctions against Tibalaji and other companies could be reversed if Iran returns to compliance under the JCPOA agreement. Iran and International Atomic Energy Agency officials held a round of talks in Vienna this week to discuss the possibility of Iran’s agreement to re-allow inspectors back to Iran for oversight over reactors. The U.S. and Iran have also exchanged their stands indirectly via the European Union for a “final draft” on rejoining the JCPOA.
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