US Sanctions Chinese Oil Terminal for Iran Trade
The US on Friday imposed sanctions on a China-based crude oil terminal operator for importing petroleum products from Iranian entities and cautioned others about facing similar repercussions if they paid a toll to Tehran for passage through 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,” stated US Department of State spokesman Tommy Pigott. Pigott stated that the department imposed sanctions on several entities, an individual, and a vessel connected to the trade of Iranian petroleum and petroleum products.
The action focuses on a petroleum terminal operator based in China – Qingdao Haiye Oil Terminal Co., Ltd. – which has imported tens of millions of barrels of sanctioned Iranian crude oil since February of the previous year. The US has imposed sanctions on Xingchun Li, a Chinese national and the president of QINGDAO HAIYE, along with two vessel management companies: the UK-based Thriving Times International and the 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.” The state department said “They have also regularly engaged in dark activity and other deceptive shipping practices, endangering other vessels and trade flows.” In a separate action, the US Department of Treasury issued an alert, cautioning the maritime industry that paying “tolls” to the Iranian regime for safe passage through the Strait of Hormuz may lead to sanctions exposure.
The Treasury has also designated three Iranian foreign currency exchange houses along with their associated front companies for their role in facilitating billions of dollars in foreign currency transactions annually. The Treasury Department stated that the designated entities include Pedram Pirouzan and Associates Partnership Company, also referred to as Opal Exchange; Nasser Ghasemi Rad and Associates Partnership Company, known as Radin Exchange; and Tahayyori and Associates Partnership Company, commonly called Tahayyori Guarantee Society or Arz Iran Exchange.
