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Sanctions Imposed on Mainland Chinese Entity for Dealings with Iran

The State Department is imposing, effective 16 September, certain sanctions on a mainland Chinese entity (Zhuhai Zhenrong Company Limited) and an executive of that entity for knowingly engaging on or after 5 November 2018 in a significant transaction for the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products from Iran. The sanctions are being imposed pursuant to Executive Order 13846 of 6 August 2018, which re-imposed nuclear-related primary and secondary sanctions against Iran following a decision to cease the United States’ participation in the Joint Comprehensive Plan of Action.

The sanctions imposed on the mainland Chinese entity:

  • prohibit any transactions in foreign exchange that are subject to the jurisdiction of the United States and in which the entity has any interest;
  • prohibit any transfers of credit or payments between financial institutions or by, through, or to any financial institution, to the extent that such transfers or payments are subject to the jurisdiction of the United States and involve any interest of the entity;
  • block all property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any U.S. person of the entity, and provide that such property and interests in property may not be transferred, paid, exported, withdrawn or otherwise dealt in;
  • prohibit any U.S. person from investing in or purchasing significant amounts of equity or debt instruments of the entity;
  • restrict or prohibit imports of goods, technology or services, directly or indirectly, into the United States from the entity; and
  • impose certain sanctions on the entity’s executive director and general manager.
Content provided by Picture: HKTDC Research
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