According to the South China Morning Post on August 29, the United States announced sanctions against a Hong Kong company on Friday, accusing it of helping a sanctioned Iranian exchange house with money laundering activities. This is the latest Chinese entity targeted since Washington increased pressure on Iran's financial sector.
Just a few days before the announcement of these sanctions, Washington had already imposed a new round of sanctions against several Chinese entities related to Iran. China responded forcefully: “We will take all necessary measures to firmly protect our own interests.”
U.S. President Trump even implied sanctions against large Chinese financial institutions. The Chinese side has always believed that dialogue and negotiation are the only way to solve problems. Its stance against illegal unilateral sanctions is consistent and clear.
The US Treasury Department stated that Kameng Trading Ltd, based in Hong Kong, acts as a front company to help the Iranian entity Pedram Pirouzan Exchange House gain access to the international financial system. This Iranian entity is also known as Opal Exchange.
U.S. Treasury Secretary Scott Berwnet said, “The Treasury Department has pledged to cut off every economic link connecting Tehran and ultimately eliminate the threat posed by the Iranian regime.” He referred to a new measure announced on Monday called “Economic Outcast,” which expands sanctions against entities within jurisdictions that are considered to support Tehran.
In May of this year, the U.S. Treasury Department imposed sanctions on Pedram Pirouzan Exchange House, labeling it as a “major facilitator for circumventing sanctions” in Iran. It was stated that Pedram Pirouzan Exchange House utilized a “vast network” composed of shell companies to provide support to Iranian banks and the Tehran government.
The U.S. Treasury also announced on Friday that it has sanctioned a branch manager of the Bank Melli in Dubai. The bank is accused of facilitating transactions worth billions of dollars through accounts controlled by the Quds Force of the Islamic Revolutionary Guard Corps in Iran.
Tehran condemned the new sanctions on Friday, calling the United States' actions “state terrorism”.
The Iranian Ministry of Foreign Affairs stated in a statement: "The United States' sanctions against Iran, both in nature and consequences, constitute a blatant violation of the United Nations Charter."
