Monday, May 29, 2023

US Sanctions Indian Company Tibalaji Petrochem Pvt Ltd For Iran Energy…

US Sanctions Indian Company: America has taken major action against an Indian company on the charge of dealing with Iran. The Biden government (Joe Biden) has banned 8 companies from South and East Asia buying petroleum and chemical products worth thousands of crores from Iran. This also includes the name of a Mumbai based Indian company named Tibalaji Petrochem Pvt Ltd.

The special thing is that this is the first time that an Indian company has been charged by the US for dealing with Iran. The US Treasury Department has told that US action has been taken against Iranian brokers and some companies in Hong Kong, UAE and India who were buying some petrochemical products even after US sanctions on Iran.

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This allegation was made on the Indian company
According to a report published in Economics Time, it is alleged that Tibalaji was buying petrochemical products worth crores of rupees through banned Iranian broker company Triliance Petrochemical and Persian Gulf Petrochemical Industry Commercial via China.

Let us tell you that the US has banned both these broker companies of Iran (US Sanctions on Iran). The US Treasury Department has imposed sanctions on a total of eight companies, including an Indian company, for dealing with Iran. This includes companies from the UAE, China and Hong Kong.

US sanctions over sanctions on Iran
Giving information on this matter, Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, has said that the US is very committed to the sanctions of any kind of deal with Iran. He further said that the US will not lift its sanctions from Iran until Iran works with the US to implement the nuclear deal. Significantly, Iran is working to speed up its nuclear program in violation of the nuclear deal with America. In such a situation, America has banned Iran from selling oil and petroleum products.

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what the foreign ministry said
Let us tell you that recently External Affairs Minister S Jaishankar has completed his Washington visit. State Department spokesman Dev Patel was asked a question on the imposition of sanctions by the Indian company America, to which he declined to comment. It is worth noting that India has been trying to strengthen its relations with Iran for the last few months. Prime Minister Narendra Modi also met Iranian President Ibrahim Raisi at the SCO summit in Samarkand.

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