The US punished 'SCG Plastics' 736 million baht for violating Iran's sanctions legislation.

The US punished 'SCG Plastics' 736 million baht for violating Iran's sanctions legislation. 

On Friday (April 19), the US Department of Treasury reported that SCG Plastics Co., a Thai plastics producer, had been penalized $20 million (roughly 736 million baht) for violating US sanctions on Iran more than 400 times. Despite the fact that the other party wishes to lessen military tensions between Iran and Israel, this step is viewed as another attempt by the US to financially undermine Iran. There have been a number of retaliatory attacks in recent weeks.

The US Treasury Department said that SCG Plastics has agreed to pay the fine as requested by the US to end prosecutions for a total of 467 sanctions violations

Reuters quoted a US Treasury Department statement as saying that SCG Plastics There is an export of High-Density Polyethylene (HDPE) plastic, but the origin is concealed as being from Iran. As a result, US financial institutions It accepted financial transactions totaling US$291 million between 2017 and 2018 without knowing that

"SCG Plastics concealed the fact for many years that the HDPE plastic it sold originated from Iran," according to the media. see “Intentionally evading the inspection of the financial institution accepting the transaction. and circumvented measures that those financial institutions expected to take to comply with U.S. law,” the Treasury Department said.

“As a result of these transactions, substantial economic benefits have flowed to the U.S. petrochemical industry. Iran which is an important source of income for the Iranian regime.”

The announcement came just one day after the United States and Britain has imposed sanctions on Iran's military drone program. In response to Tehran's offensive against Israel last weekend, which used more than 300 dronesand missiles.