U.S. sanctions 10 companies, including firms in Turkey and the UAE, over illicit trade in Iranian petroleum products

[Financial News] The U.S. government continued its economic blockade, imposing additional sanctions on companies, individuals and vessels involved in the illicit trade of Iranian oil and petrochemical products.
The U.S. State Department said on the 8th, local time, that it had designated 10 companies, 6 individuals and 5 vessels for sanctions under President Trump’s “economic pariah campaign” against Iran.
The State Department said Iran was evading international sanctions by using illicit maritime networks spanning multiple countries to forge documents or disguise the identities of vessels. It said Iran was using these networks to smuggle oil and petrochemical products to buyers in Asia.
The sanctions announced that day included companies in Turkey, the United Arab Emirates (UAE), India and elsewhere that traded Iranian petrochemical products, as well as executives of those companies.
BGZ, a petrochemical trading company headquartered in Turkey, imported Iranian petrochemical products worth about $20 million in 2024. Another Turkish company, Nurzad Petrokimya, purchased Iranian petrochemical products worth $3.8 million that same year.
The State Department also sanctioned customs brokers and ship management companies that helped transport Iranian products overseas. Vessels that transported Iranian methanol and liquefied petroleum gas (LPG) were also added to the U.S. sanctions list.
The targets’ assets in the United States will be frozen, and transactions with Americans are generally prohibited. The State Department said the sanctions announced that day were intended to dismantle Iran’s illicit maritime networks and block their revenue, preventing the Iranian regime from financing its activities.
U.S. President Donald Trump had said that day that he would not launch military attacks against Iran before the upcoming midterm elections on November 3, while also saying that economic sanctions would continue. The State Department’s sanctions announced that day are also seen as part of the policy Trump had set.   
[email protected] Kim Hyung-gu Reporter