US fines Thai-based firm $20m for Iran sanctions violations

WASHINGTON, April 20: The United States fined a Thailand-based firm $20 million on Friday for more than 450 possible Iran sanctions violations -- a day after Washington slapped fresh sanctions on Iran following last weekends attack on Israel.

The move is the latest attempt by the United States to hit Iran financially, even as it works to dial down the military tensions between Iran and Israel following recent tit-for-tat attacks.

Bangkok-headquartered SCG Plastics agreed to pay the fine to settle 467 apparent sanctions violations, the Treasury Department said in statement on Friday.  

These violations caused US financial institutions to process $291 million in wire transfers between 2017 and 2018 for a company jointly owned by the National Petrochemical Company of Iran, it added.    —AFP