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The U.S. has placed Istanbul-based Kimpas Petrochemicals on its list of sanctioned entities, alleging that the company violated sanctions by engaging in transactions with Iranian petrochemical firms.
According to a U.S. Department of State release on Wednesday, Washington imposed sanctions on seven entities involved in the trade of Iranian petroleum and petrochemical products and designated two vessels as blocked property.
“So long as Iran attempts to generate oil and petrochemical revenues to fund its destabilizing activities, and support its terrorist activities and proxies, the United States will take steps to hold both Iran and all its partners engaged in sanctions evasion accountable,” the statement read.
The Department’s accompanying fact sheet accused Kimpas of knowingly participating in significant transactions involving the purchase, sale, transport, or marketing of petrochemical products originating from Iran. The company allegedly imported more than $15 million worth of petrochemical goods from several U.S.-designated Iranian suppliers.
Also among the sanctioned entities is UAE-based Solvent Organics FZE, which is accused of exporting over $300 million worth of Iranian-origin petrochemical products globally. Alseerah Trading LLC was similarly cited for transporting more than $150 million worth of sanctioned goods to international markets.
The Specially Designated Nationals (SDN) List, maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), includes individuals and entities involved in terrorism, narcotics trafficking, and violations of international sanctions. Entities on the list have their U.S. assets frozen, and American persons are generally prohibited from conducting business with them.
Founded in 1982, Kimpas is a Turkish petrochemical firm operating in the Gebze Plastics Organized Industrial Zone in Kocaeli. It was the first company in Türkiye to produce masterbatch ─a concentrated mixture of pigments and additives used to color or enhance the properties of plastics─ and ranked 299th on the Fortune 500 Türkiye list in 2023.
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