On February 9, Singapore’s Unicious Energy Pte Ltd was amongst 9 corporations focused by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for facilitating the sale and cargo of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which OFAC designated on January 23, 2020 for facilitating the sale of Iranian petroleum merchandise from the National Iranian Oil Company (NIOC).
“Singapore-based Unicious Energy Pte. Ltd. serves an important role in Triliance’s network, coordinating millions of dollars in petroleum-related payments for other companies within the network and aiding Triliance in its sale of hundreds of millions of dollars of petroleum products,” mentioned OFAC.
After spelling out all of the implications of sanctions, together with these affecting corporations doing enterprise with the sanctioned entities, OFAC famous: “The power and integrity of OFAC sanctions derive not only from its ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.”
It then gave a hyperlink to info on the method to submit a request for removal from an OFAC sanctions list.
It seems to be like Unicious, which describes itself as “a reputable oil and gas trader .. .dedicated to connecting low cost producing countries with high demand growth markets” could have learn that final bit. Today, it launched the next assertion:
“We are conscious of the allegations which have been made by the United States Department of the Treasury’s Office of Foreign Assets Control and perceive that there’s a excessive degree of curiosity from the general public and the media. We take these allegations significantly, and at this stage are centered on addressing the scenario, and dealing with the related authorities. The firm takes its compliance, governance and danger insurance policies significantly and might be working with the related authorities to develop a fuller understanding of the allegations.
“We are unable to offer detailed feedback presently, however will endeavor to take action as extra info turns into obtainable.
“In the meantime, we would ask for your patience as we work to fully understand the allegations and work to respond to them. Thank you for your patience and understanding.”
