US Targets UAE Firms Linked to Iranian Oil Trade: What You Need to Know
US Sanctions UAE Companies Over Iranian Oil Links
New York: The United States has imposed sanctions on four companies located in the United Arab Emirates due to their alleged involvement in trading Iranian petroleum products, which are linked to Indian businesses.
US Secretary of State Marco Rubio stated on Wednesday, "As long as Iran continues to generate revenue from oil and petrochemicals to fund its destabilizing actions and support terrorism, the US will hold Iran and its partners accountable for evading sanctions."
The State Department announced that these sanctions were enacted because the companies were found to be significantly involved in transactions related to the purchase, sale, transport, or marketing of petrochemical products sourced from Iran.
According to the US government, these four firms have facilitated the generation of hundreds of millions of dollars in illicit revenue for Iran's destabilizing operations by exporting Iranian goods to unnamed third countries.
The sanctioned companies include Shivnani Organics FZE, Solvent Organics FZE, AlSeerah Trading LLC, and Harold Trading LLC, all of which have been implicated in helping Iran bypass sanctions.
Shivnani Organics has been identified as exporting petroleum products to Indian firms, as reported by Trademo, a supply chain tracking service.
Similarly, the other three companies—Solvent Organics FZE, AlSeerah Trading LLC, and Harold Trading LLC—were also noted for their exports to Indian businesses, according to TradeMo's international trade tracking.
Additionally, a Turkish company has also been sanctioned for importing Iranian products.
These sanctions block any property and interests these companies have in the US or under American control, prohibiting transactions with them.
The sanctions extend to any individual or entity holding a stake of 50% or more in these companies.
Previously, several Indian firms or those with Indian connections in the shipping sector have faced similar sanctions.