America’s big action amid Hormuz crisis, ban on Chinese company on Iranian oil purchase

The United States on Friday banned a China-based crude oil terminal operator from importing petroleum products from Iranian companies and warned other companies that they would face similar consequences if they pay taxes to Tehran to transit the Strait of Hormuz.

US State Department spokesman Tommy Pigott said in a statement, ‘The United States is taking decisive action to disrupt Iran’s illicit oil trade, which is the Iranian regime’s main source of income and funds terrorism and regional instability.’

What did Tommy Piggot say?

According to the PTI report, Pigot said that the department has banned several entities, one person and one vessel involved in trading of Iranian petroleum and petroleum products. This action has been taken against China-based petroleum terminal operator Kingston Haiye. This company has imported millions of barrels of banned Iranian crude oil since February last year.

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Who all were banned?

The US has also imposed sanctions on Chinese national Xingchun Li, Chairman of Dao Haiye, and two ship management companies, Britain-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited. The action against two ship management companies comes as part of measures to target illegal fleets used to transport and purchase Iranian petroleum products. The US State Department said, ‘The vessels managed by these companies play an important role in Iranian export supplies. They have also regularly engaged in illegal activities and other deceptive shipping practices, posing a threat to other vessels and trade flows.’

Marine industry also warned

The US Treasury Department issued a warning to the maritime industry that it could face sanctions if the Iranian regime pays tolls for safe passage through the Strait of Hormuz. Apart from this, the US Finance Department has also named three Iranian foreign exchange companies and their related shell companies, which help in foreign exchange transactions worth billions of dollars every year.

The Finance Department said that the names of the nominated entities are Pedram Pirozan and Associates Partnership Company (Opal Exchange), Nasser Ghassemi Rad and Associates Partnership Company (Radin Exchange) and Tahyori and Associates Partnership Company.

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