The United States on Wednesday announced sanctions on certain Chinese firms for knowingly engaging in a significant transaction for the transport of oil from Iran, including knowledge of sanctionable conduct, contrary to US sanctions.
“This is one of the largest sanctions actions the United States has taken against entities and individuals identified as transporting Iranian oil since our sanctions were re-imposed in November 2018. This action is aimed to deny the Iranian regime critical income to engage in foreign conflicts, advance its ballistic missile development, and fund terror around the world,” the State Department said in a statement.
“We are committed to fully administering our sanctions; the Iranian regime must cease these destabilizing activities or face greater economic pressure and diplomatic isolation,” it added.
The statement named Chinese firms China Concord Petroleum Co., Limited, Kunlun Shipping Company Limited, Pegasus 88 Limited, and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co, Ltd.
The US also imposed sanctions on five individual Chinese officials, who are executive officers of one or more of the companies sanctioned.
The sanctions block all property and interests in property of these Chinese entities that are in the United States or within the possession or control of a US person, and provides that such property and interests in property may not be transferred, paid, exported, withdrawn, or otherwise dealt in.
“We are committed to holding the Iranian regime accountable, and we will continue to deny funding to this regime that uses its wealth and resources to enrich itself, while depriving the Iranian people of opportunity. All entities must conduct appropriate due diligence to stay clear of sanctioned Iranian entities and sectors. No company or nation should be willing to expose itself to the risk of sanction by possibly supporting Iran’s destabilizing activities around the world,” concluded the statement.
Last week, US President Donald Trump announced sanctions on the Iranian National Bank. That move came days after Trump announced that he had ordered a “substantial increase” in sanctions on Iran.