America imposed a ban on this Indian oil company, know what is the reason?

Washington. The US has imposed sanctions on several companies based in China, Hong Kong, India and the United Arab Emirates to facilitate the transportation and financial transactions of Iranian petroleum and petrochemical products. US Secretary of State Antony Blinken said that the US is taking action to control Iran’s efforts 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 Treasury Department is also imposing sanctions on eight other companies, which are based in Hong Kong, Iran, India and the United Arab Emirates, to conduct petrochemical trade with Iran.

According to the statement, India’s petro-chemical company ‘Tibalaji Petrochem Private Limited’ has been banned. In fact, Iran’s oil economy is being badly affected due to US sanctions and the country’s economy is also suffering. Recently, many such reports have surfaced, which claimed that Iran is developing new technology in the nuclear field, which has allegedly intensified the fears of nuclear war. At the same time, it also emerged that Iran may soon sign a nuclear deal, which can lift US sanctions on it.

However, seeing Iran calm again on the deal, the US has once again taken a tough stand and banned companies doing oil trade with Iran. 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.

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Tags: America, Iran