US Tightens Grip on Iran’s LPG Network, Sanctions Over Bangladesh Supply Claims

Washington: America has imposed new sanctions on a large network of LPG, i.e., liquid petroleum gas, linked to Iran. Washington alleges that this network was selling Iranian gas in the markets of Asia by passing it off as fuel from other countries. America says that in this way Iran was dodging international sanctions.

What did the US Treasury Department say?

The US Treasury Department's Office of Foreign Assets Control, or OFAC, said the action was taken against companies, ships and people who were helping Iran avoid sanctions. According to OFAC, this network used several companies from the United Arab Emirates and China. Apart from this, an attempt was made to hide the real identity of the LPG through foreign bank accounts and ships so that the origin of the goods could not be known.

What was the purpose of the entire conspiracy?

According to Washington, Iranian LPG was being sold to many countries in South and East Asia including Bangladesh as Omani fuel. American officials say that the purpose of this entire game was simple. To continue doing business while avoiding sanctions and opening up earning opportunities for Iran.

Did Iran's Forex company also get involved?

In this action, America has also included an Iranian foreign exchange company in the sanctions list. It is alleged that this company was carrying out large-scale financial transactions for banned Iranian banks. America says that Iran is trying to raise money through similar channels despite the international ban. Therefore, now these financial and trade routes are being targeted.

What will happen next?

The US administration has clearly indicated that further action will be taken after identifying such networks linked to Iran. The current step is being considered a big step towards increasing economic pressure on Iran. Experts believe that amid the tension in Hormuz, these sanctions can further tighten Iran's waist. LPG is an important source of income for Iran. If its smuggling is stopped, Tehran's problems will increase. On the other hand, Iran has not yet given any official reaction on this.