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Iran and US Sanctions: Treasury Targets Key LPG Magnate

iran treasury sactions oil seyed asadoollah emamjomeh

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken a significant step in its ongoing effort to enforce sanctions against Iranian entities by designating Seyed Asadoollah Emamjomeh, a prominent figure in the Iranian liquified petroleum gas (LPG) industry. This decision is part of a broader U.S. strategy to hold individuals and organizations accountable for aiding the Iranian regime, particularly in its funding of destabilizing activities around the globe.

Emamjomeh, who operates a large network involved in the sale and transportation of LPG, is now facing severe sanctions along with his corporate network, including multiple companies and vessels linked to the transportation of Iranian LPG. Among the designated assets is the TINOS I, a vessel tied to Emamjomeh’s operations that was involved in an attempt to load LPG from the United States in 2024. This act highlights the persistence of Iranian entities in evading U.S. sanctions and attempting to sell Iranian LPG, which directly funds Iran’s nuclear ambitions, weapons programs, and proxy groups such as Hezbollah, Hamas, and the Houthis.

Seyed Asadoollah Emamjomeh, based in Iran, has been a major player in the international LPG trade for over a decade. His network, spanning both Iran and the United Arab Emirates (UAE), has orchestrated thousands of shipments of LPG from Iran to markets across Asia and beyond. This network includes a variety of companies, all of which facilitate the movement of petroleum products, including LPG, which remains a vital revenue stream for the Iranian government.

Emamjomeh’s corporate empire is expansive. His operations have involved several Iran- and UAE-based companies, such as Caspian Petrochemical FZE, which has been instrumental in exporting LPG from Iran to Pakistan. Additionally, Emamjomeh’s companies have conducted significant business on behalf of the Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), a conglomerate previously designated by the U.S. for its ties to Iran’s Islamic Revolutionary Guard Corps (IRGC).

One of the most noteworthy actions by Emamjomeh’s network was the attempted shipment of LPG from the United States, a clear violation of U.S. sanctions. The TINOS I, a large gas carrier, was scheduled to load LPG in 2024, bound for China. This was an attempt to circumvent sanctions and continue funding the Iranian regime’s controversial activities, but the cargo loading ultimately failed.

The U.S. government’s decision to target these operations sends a clear message that entities engaging in the illegal trade of Iranian petroleum products will be held accountable. Secretary of the Treasury Scott Bessent emphasized the U.S. commitment to “holding accountable those who seek to provide the Iranian regime with the funding it needs to further its destabilizing activities in the region and around the world.”

Sanctions and Their Implications for Emamjomeh’s Network

The sanctions placed on Emamjomeh and his network are not limited to the individual. Several companies, vessels, and assets tied to Emamjomeh have also been designated under U.S. law. This includes companies like Caspian Petrochemical FZE, Parsa Fidar Paydar Engineering and Technology Company, and Nilgon Parsa Caspian Shipping Company, all of which are engaged in the sale, transport, and delivery of LPG products.

These actions are carried out under the authority of Executive Order (E.O.) 13902, which targets individuals and organizations involved in the Iranian petroleum sector. The U.S. government has consistently used this executive order to impose pressure on the Iranian economy, specifically focusing on sectors such as petrochemical exports, which are used to fund Iran’s illicit activities.

The sanctions prohibit U.S. persons from engaging in any business transactions involving the designated entities or their assets. This includes financial transactions and the provision of services, further isolating Emamjomeh’s network from international trade. Any assets or property associated with the designated individuals and entities, found either within the United States or under the control of U.S. persons, are now blocked. Moreover, foreign companies that conduct business with the designated individuals may also risk exposure to secondary sanctions, which could disrupt their global operations.

The Role of Meisam Emamjomeh and Expanding Network

While Seyed Asadoollah Emamjomeh is the central figure, his son, Meisam Emamjomeh, also plays a critical role in the ongoing operations of the network. Meisam, based in the UAE, has been closely involved in the management of several companies tied to the LPG trade. Notably, he is the owner of Pearl Petrochemical FZE, which owns the TINOS I vessel that attempted the illegal shipment from the U.S. to China.

Meisam also serves as the CEO of Worldwide LPG Limited, a UK-based company that has been linked to several Iranian businesses. His position as a director of various Iran-based companies further solidifies his role in the network, making him a key target for U.S. sanctions.

In October 2024, ownership of Pearl Petrochemical FZE was transferred from Seyed Asadoollah to Meisam, further entrenching the family’s influence in the LPG trade. These transactions are significant in understanding how the network adapts to external pressures, yet continues to pursue its goal of circumventing international sanctions.

Sanctions Enforcement and Future Consequences

The U.S. sanctions against Emamjomeh and his network are part of a broader strategy aimed at stifling Iran’s access to crucial revenue streams that fund its military and nuclear ambitions. While the Iranian regime continues to face financial challenges due to these sanctions, Emamjomeh’s network has been resourceful in its attempts to evade these restrictions, highlighting the ongoing risks of sanction evasion.

The consequences for those who violate U.S. sanctions can be severe. The U.S. government has imposed civil and criminal penalties on both foreign and domestic entities involved in such activities. In fact, sanctions violations can lead to strict penalties on a strict liability basis, where companies and individuals are penalized for violations, even if they did not intentionally violate sanctions. Financial institutions and individuals doing business with these sanctioned entities may also face exposure to secondary sanctions, affecting their ability to operate in global markets.

Conclusion: A Critical Step in Combatting Iranian Sanction Evasion

Today’s action by the U.S. Treasury is a significant development in the ongoing effort to disrupt Iran’s illicit financial networks. By targeting Emamjomeh and his vast LPG network, the U.S. has sent a strong message that it will continue to pressure those who enable the Iranian regime’s destabilizing actions. The sanctions against Emamjomeh and his associates aim to weaken Iran’s financial foundation and limit its ability to fund nuclear development, proxy wars, and other activities that threaten global stability.