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SCG Plastics Fined $20 Million for Violating Anti-Iranian Sanctions: A Warning to Companies Engaging in Similar Practices – News Puk

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SCG Plastics Fined Million for Violating Anti-Iranian Sanctions: A Warning to Companies Engaging in Similar Practices – News Puk
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The US Treasury Department has reached an agreement with Thai company SCG Plastics in which the company will pay a fine of 20 million dollars for violating anti-Iranian sanctions. According to US authorities, between 2009 and 2018, SCG Plastics sold products worth 291 million dollars from Mehr Petrochemical, a company owned by its parent SCG Chemicals and Iran’s state petrochemical company.

SCG Plastics used invoices that disguised the Iranian origin of the products by listing the United Arab Emirates as the source, thereby circumventing Iran sanctions. This agreement with the US Treasury Department underscores the seriousness of violations of international sanctions and the measures being taken to hold companies accountable for such actions. It serves as a warning to other companies that may be engaging in similar practices.



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