America banned this Indian oil company, accused of oil trade with Iran

The US has also imposed sanctions on many companies based in China, Hong Kong and the United Arab Emirates on charges of oil trade with Iran. Iran’s oil economy is badly affected due to US sanctions.

US Secretary of State Antony Blinken

Image Credit source: ANI

America has banned an Indian oil company accusing it of trading petroleum and petro-chemical products with Iran. America with Iran oil trade Several companies based in China, Hong Kong and the United Arab Emirates have also been banned on the charges.US Secretary of State Antony Blinken Said that the US is taking action to control Iran’s attempts to evade sanctions on the sale of petroleum and petrochemical products. He said that the Ministry of External Affairs is specifically banning two companies based in China – Zhonggu Storage and Transportation Co Ltd and WS Shipping Co Ltd.

Blinken said in a statement that the US Treasury Department is also imposing sanctions on eight other companies, which are based in Hong Kong, Iran, India and the United Arab Emirates, for conducting petrochemical trade with Iran. According to the statement, India’s petro-chemical company Tibalaji Petrochem Private Limited has been banned. The US has imposed these sanctions specifically to put pressure on Iran in connection with the completion of the 2015 nuclear deal.

Why did America ban?

Iran because of US sanctions oil economy It is badly affected and in such a situation, the economy of the country also suffers. Recently, many such reports have come to the fore in which claims were made that Iran is developing many new technologies in the nuclear field, which has allegedly intensified the fears of nuclear war. There were also reports that Iran may soon sign a nuclear deal, which can lift US sanctions on it.

However, seeing Iran’s cooling off on the deal, the US has once again taken a tough stand and banned companies doing oil trade with Iran. US Secretary of State Antony Blinken said in a separate statement that the State Department has banned two China-based companies, Zhonggu Storage and Transportation Co Ltd and WS Shipping Co Ltd.

Ban will continue in future – Blinken

Blinken accused Zhonggu Storage and Transportation Co Ltd of providing crude oil storage facilities to Iran and WS Shipping Co Ltd of providing shipping of Iranian petroleum products. The US Treasury Department has specifically banned a network of companies involved in the sale of hundreds of millions of dollars worth of Iranian petrochemical and petroleum products to South and East Asia. The US Secretary of State also said that it will continue to take action against those who trade petroleum and petrochemical products with Iran.