A Thailand-based resin distributor will pay a $20 million fine to the U.S. Department of the Treasury for using U.S. firms to buy resin from Iran.

The Treasury Department said SCG Plastics agreed to pay the fine to settle 467 apparent sanctions violations. Read more at straitstimes.com. Read more at straitstimes.com.

SCG Plastics Co. used US banks to process USD291 million in sales of Iranian high-density polyethylene resin from 2017 to 2018, according to the signed settlement agreement between the firm and ...

He noted that in 2023, the US plastics industry achieved a trade surplus of nearly $1 billion, with exports totalling $74.2bn. The introduction of these tariffs is expected to disrupt supply ...

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.

US fines Thailand-based firm $20 mn for Iran sanctions violations. ... Bangkok-headquartered SCG Plastics agreed to pay the fine to settle 467 apparent sanctions violations, ...