OFAC Sanctions Companies, People Selling Iranian Commodities, Including Oil

The U.S. sanctioned more than 20 people and companies this week for helping to finance Iranian military groups, including by helping the Iranian government sell oil and other commodities to overseas buyers. The Office of Foreign Assets Control said these sales help Iran generate billions of dollars for its Ministry of Defense and Armed Forces Logistics, its Iranian Armed Forces General Staff and the Islamic Revolutionary Guard Corps-Qods Force.

The sanctions target people and companies based in Iran and elsewhere, including companies in Hong Kong and the United Arab Emirates that sell Iranian commodities to customers in Europe and East Asia. OFAC said Hong Kong-based Puyuan Trade Co., Limited, and HK Sihang Haochen Trading Limited are involved in the sale of Iranian condensate, and Dubai-based Unique Performance General Trading L.L.C and OPG Global General Trading Co. L.L.C. have sold millions of barrels of Iranian light crude oil to China and Europe over the past year.

The agency sanctioned a host of others involved in the Iranian trade, including Singapore-based MSE Overseas PTE. Ltd., UAE-based Transmart DMCC, Sepehr Energy Jahan Nama Pars Company and their owners or managers.