US announces new sanctions related to Iranian oil

United States Department of the Treasury issued new sanctions on Wednesday related to Iran’s oil sector, a move announced after the latest round of talks to revive the 2015 nuclear deal was dubbed a “wasted occasion” by US Special Envoy for Iran Rob Malley, reports citing Al Arabiya.

The Treasury Department said that the sanctioned network of people and entities used a web of Gulf-based front companies to facilitate the “delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian companies to East Asia.”

Among those designated in Wednesday’s move was Iran-based Jam Petrochemical Company, which the Treasury accused of exporting petrochemical products worth hundreds of millions of dollars to companies throughout East Asia, many of which the Treasury said were sold to Iran Petrochemical Commercial Company for shipment to China.

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