Today, Wednesday, the US Treasury Department announced the imposition of a new package of Iran-related sanctions, which specifically includes two companies based in the UAE

According to a Treasury statement, the new sanctions target four companies, two of which are headquartered in Sharjah (ALPHA TECH TRADING FZE and PETROLIANCE TRADING FZE) and the other two in China (Petrochem and Donghai), in addition to the Vietnamese Gas and Chemicals Transport Corporation and its CEO, Vu Ngoc Phong.

The administration of President Donald Trump has accused these companies of helping Iran's Triliance Petrochemical Company (which has been blacklisted since January last year) in exporting its products by granting it shipping services and carrying out financial transactions on its behalf.

The penalties provide for freezing the assets and interests of those on the blacklist and their affiliated institutions by at least 50% in the United States and preventing American citizens from carrying out any transactions with it.

The Treasury has also threatened to penalize any foreign financial institutions that do business with listed companies.

Source: RT

By:Nadeemy Haded