


WASHINGTON — The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia.
The Treasury Department’s Office of Foreign Assets Control on Monday imposed the sanctions on UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading for providing support to the Iranian petroleum trade.
Hong Kong-based Farwell Canyon HK Limited, Shekufei International Trading Co., Limited, and PZNFR Trading Limited were also hit with Treasury sanctions.
The latest round of sanctions targeting Iranian oil sales comes as the U.S. attempts to reenter the Iran nuclear agreement that President Donald Trump exited in May 2018.
President Joe Biden’s administration has been working to renew the agreement, which placed curbs on Iran’s nuclear program in exchange for billions of dollars in sanctions relief, which Iran insists it has never received.
“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” also known as the Iran nuclear deal, Brian Nelson, the Treasury Department’s undersecretary for terrorism and financial intelligence, said in a statement.
“Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals.”
The administration uses an August 2018 executive order signed by Trump as its authority to impose the sanctions.
Iran is nursing a battered economy.