MM News
Tuesday 6th June 2023 / 17 Zulkaedah 1444

US imposes sanctions on 39 entities over ‘Iran shadow banking’

ISLAMABAD: 39 entities, including Pakistani, the United Arab Emirates, the People’s Republic of China, Hong Kong, Turkey, Singapore, the Marshall Islands, and Iran have been sanctioned by the United States of America.

The US Embassy Islamabad, in a note informed Ministry of Foreign Affairs that the US on March 9, 2023 imposed sanctions on entities involved in sale, purchase and shipment of Iranian petrochemical products and serve as a front for Triliance and Persian Gulf Petrochemical Industry Co (PGPICC).

The alleged company from Pakistan included in the list is “Alliance Energy (Pvt) Limited, Pakistan.”

The 39 companies supported or participated in transactions involving petrochemical goods from Iran, which helped Triliance of PGPICC materially. In order to avoid US sanctions, PGPICC and Triliance engaged in financial transactions.

The Iranian regime’s use of networks to circumvent sanctions will be stopped by the United States, which will keep enforcing sanctions against the country’s commerce in oil and petrochemicals.

These businesses work as front firms and currency exchanges for PGPICC and Triliance and are known to employ sophisticated strategies to assist Iran in dodging sanctions.

Download MM News mobile application and keep yourself updated.
Back to top
Exit mobile version