"US sanctions 39 entities over alleged ‘shadow banking’ for Iran" 10 March 2023

The United States has imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.

The US Treasury Department said in a statement on Thursday that those included in the sanctions had granted companies previously slapped with Iran-related sanctions – such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd – access to the international financial system and helped them hide their trade with foreign customers. [...]

Liu Pengyu, a spokesperson for China’s embassy in Washington, DC said the US actions had no basis in international law and were “typical unilateral sanctions and illegal ‘long-arm jurisdiction'” detrimental to Chinese interests.

“We deplore and reject this move,” he said, adding China had “actively promoted peace talks and sought a political solution” in Ukraine, while the US “has been fanning the flame and fuelling the fight with more weaponry”.

Iran’s mission to the United Nations in New York did not immediately respond to a request for comment. [...]