ECONOMYNEXT – The US Division of the Treasury’s Workplace of Overseas Property Management (OFAC) has named Slogal Vitality DMCC, a unit of Sri Lanka’s Laugfs group, for alledgedly buying and selling in Iranian petrochemicals.
“United Arab Emirates (UAE)-based Markan White Buying and selling Crude Oil Overseas Co. L.L.C (Markan White) and Slogal Vitality DMCC (Slogal) play a key function in enabling the sale and cargo of Iranian LPG to Sri Lanka,” a US Treasury assertion mentioned.
Iranian petrochemicals had been bought from Iran-based petrochemical dealer Persian Gulf Petrochemical Trade Business Co (PGPICC) by Dubai primarily based companies.
“In late 2024, PGPICC and Markan White used Slogal to assist facilitate the sale, cargo, and export of hundreds of thousands of {dollars}’ price of Iranian LPG to Sri Lanka,” the report mentioned.
“In 2024 and 2025, Slogal bought Iranian LPG that was delivered to Sri Lanka, with a number of shipments of Iranian LPG reaching finish customers in Sri Lanka and Bangladesh.
“In 2024, Palau-flagged MAX STAR (IMO9134165) delivered Iranian LPG that was bought by Slogal. Equally in 2025, Slogal bought Iranian LPG that was delivered by Panama-flagged GAS DIOR (IMO 9379404) to Sri Lanka.
“In early 2025, GAS DIOR delivered over 17,000 metric tons of Iranian LPG to Bangladesh, making a further LPG supply for now-sanctioned provider Octane Vitality FZCO. ”
Slogal Vitality DMCC, together with a number of Chinese language and UAE companies have been have been “designated pursuant to Government Orer 13902 for working within the petroleum sector of the Iranian financial system,” the American assertion mentioned.
A number of people together with Indians, have been named as blocked individuals.
“On account of immediately’s motion, all property and pursuits in property of the designated or blocked individuals described above which can be in the USA or within the possession or management of U.S. individuals are blocked and should be reported to OFAC,” the assertion mentioned.
“As well as, any entities which can be owned, instantly or not directly, individually or within the mixture, 50 p.c or extra by a number of blocked individuals are additionally blocked.
“Except licensed by a basic or particular license issued by OFAC, or exempt, OFAC’s rules typically prohibit all transactions by U.S. individuals or inside (or transiting) the USA that contain any property or pursuits in property of blocked individuals.
“Violations of U.S. sanctions might consequence within the imposition of civil or prison penalties on U.S. and overseas individuals. OFAC might impose civil penalties for sanctions violations on a strict legal responsibility foundation.
“As well as, monetary establishments and different individuals might threat publicity to sanctions for participating in sure transactions or actions involving designated or in any other case blocked individuals.
“The prohibitions embrace the making of any contribution or provision of funds, items, or companies by, to, or for the good thing about any designated or blocked individual, or the receipt of any contribution or provision of funds, items, or companies from any such individual.” (Colombo/Oct10/2025)
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