US imposes sanctions on companies tied to Iran

The US Administration imposed here Friday sanctions on a series of companies tied to Iran's petrochemical industry, as a step to showcase US resolve to cut off funds from the Iranian petrochemical sector, the second largest revenue source for Tehran's illicit nuclear program. The Department of State imposed sanctions on Jam Petrochemical Company and Niksima Food and Beverage JLT "for knowingly engaging in a significant transaction for the purchase or acquisition of petrochemical products from Iran." It indicated that the sanctions selected for both companies prohibit "financial transactions subject to US jurisdiction, transactions with respect to property and interests in property under US jurisdiction, and foreign exchange transactions subject to US jurisdiction." In addition to these entities, the Department of the Treasury also identified eight Iranian petrochemical companies as owned or controlled by the Government of Iran. Furthermore, the Department of State and the Department of the Treasury took actions to impose sanctions, including a visa ban on corporate officers, on Ferland Company Limited (Ferland) under both the Iran Sanctions Act, as amended by the Iran Threat Reduction and Syria Human Rights Act of 2012 (TRA), and Executive Order 13608 for efforts to evade US sanctions on Iran. The State Department stressed that these sanctions imposed today "send a stark message that the United States will act resolutely against attempts to circumvent US sanctions." "Any business that continues irresponsibly to support Iran's energy sector or to help facilitate the nation's efforts to evade US sanctions will face serious consequences," it affirmed.