The US stated that the company knowingly participated in a significant transaction for the purchase or acquisition of crude oil from Iran. The transaction took place after the expiration of China’s Significant Reduction Exception (SRE) on May 2, 2019, and was not covered by that SRE.
The imposition of these sanctions blocks all property and interests in property of the company that are in the US or within the possession or control of a US person, and provides that such property and interests in property may not be transferred, paid, exported, withdrawn, or otherwise dealt in.
Moreover, the US is imposing numerous restrictions as well as a ban on entry into the country on a corporate officer and principal executive officer of the sanctioned company. To implement my action today, the Department of the Treasury is adding the company Limited and the officer to its List of Specially Designated Nationals and Blocked Persons.
We said we would fully enforce our sanctions, and we are backing this up with real action. The announcement today will help deny the regime critical income to fund terror around the world, engage in foreign conflicts, and advance its ballistic missile development. The Iranian regime must cease these destabilizing activities
Michael R. Pompeo, Secretary of State said.
The US added that it will continue to deny funding to the Iranian regime, which claims it uses its wealth and tremendous resources to enrich itself, deprive the Iranian people of opportunity, and fuel its destructive foreign policy.