The US has banned a China-based crude oil terminal operator from importing petroleum products from Iranian companies, and also imposed sanctions on Chinese national Xingchun Li and two ship management companies.

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

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

What did Tommy Piggott say?

Pigott said the department has sanctioned several entities, an individual, and a vessel involved in the trade of Iranian petroleum and petroleum products. The action targeted China-based petroleum terminal operator Qingdao Haiye, which has imported millions of barrels of banned Iranian crude oil since February last year, PTI reported.

Who was banned?

The US also sanctioned Qingdao Haiye's chairman, Chinese citizen Xingchun Li, and two ship management companies: UK-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited. The action against the two ship management companies comes as part of measures to target illegal fleets used to transport and purchase Iranian petroleum products. "The vessels managed by these companies play a vital role in Iranian export supplies. They have also regularly engaged in illegal activities and other deceptive shipping practices, which threaten other vessels and trade flows," the US State Department said.

Maritime industry also warned

The US Treasury Department has issued a warning to the maritime industry, stating that paying tolls to the Iranian regime for safe passage through the Strait of Hormuz could result in sanctions. Furthermore, the US Treasury Department has designated three Iranian foreign exchange companies and their associated shell companies, which facilitate billions of dollars in foreign exchange transactions each year.

The Finance Department said the designated entities are Pedram Pirozan & Associates Partnership Company (Opal Exchange), Nasser Ghasemi Rad & Associates Partnership Company (Radin Exchange) and Tahayyori & Associates Partnership Company.

PC : ABPNews