With no nuclear deal with Iran in sight, the United States Treasury has slapped additional sanctions on companies based in Iran, China and the UAE for enabling the export of Iran’s petrochemicals. On Thursday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented new sanctions on what it called “a network of Iranian petrochemical producers” and “front companies” in China and the UAE that support Iranian petrochemical exports abroad. “This network helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in the PRC and the rest of East Asia,” according to a statement from the Treasury Department. Specifically, the Treasury Department said that the network was facilitating the sale of “hundreds of millions of dollars” in petrochemicals from the National Iranian Oil Company (NIOC) to foreign customers, including in China. The Iran-based companies sanctioned in this latest round […]