The US Treasury Department and the Thai company SCG Plastics have reached an agreement under which the company will pay a $20 million fine to the state treasury for violating anti-Iranian sanctions.
According to US authorities, since at least 2009, SCG Plastics has been supplying products to Asian countries from Mehr Petrochemical, owned by its parent company SCG Chemicals and the Iranian state-owned National Petrochemical Company.
Between 2017 and 2018 alone, the company sold $291 million of Mehr Petrochemical products.
When servicing transactions, the company used invoices that hid the Iranian origin of the products, indicating the United Arab Emirates as its source.