US Imposes Sanctions on Vietnam Gas and Chemicals Transportation Corp For Transactions With Iran

US

The Trump administration has been targeting Iran with harsh economic sanctions under a so-called ‘maximum pressure’ campaign, labeling the Islamic republic as “the world’s leading state sponsor of terror”.

The US State Department on Wednesday imposed sanctions of a Vietnam gas and chemicals transportation company for “knowingly engaging […] in a significant transaction for the transport of petroleum products from Iran”, according to a statement.

The sanctions have also been imposed on the company’s managing director, Vo Ngoc Phung, “for serving as a principal executive officer of the company”.

​Earlier in the day, the US Treasury Department said in a press release that its Office of Foreign Assets Control (OFAC) had designated four entities for facilitating the export of Iranian petrochemical products by Triliance, a petroleum company sanctioned in January for dealings with the National Iranian Oil Company (NIOC).

According to the Treasury Department, the companies based in China and the United Arab Emirates “have provided Triliance with critical shipping services or conducted financial transactions on behalf of the company, enabling Triliance to continue brokering and moving Iranian petrochemical exports”.

The US Maximum Pressure on Iran

As the statement by the State Department asserted that Iran’s military and security budget had “decreased by a massive 24 percent” as “a direct result of the US maximum…

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