The Secretary of State has imposed sanctions on one company, Vietnam Gas and Chemicals Transportation Corporation, and one individual, Vo Ngoc Phung, due to their involvement in significant transactions related to petroleum products from Iran. These sanctions include blocking property and financial transactions under U.S. jurisdiction, prohibiting investments, and restricting imports from these entities. Additionally, visa denials and exclusions from the U.S. are mandated for certain officers and shareholders of the sanctioned entities. The decision was effective as of December 16, 2020.
Simple Explanation
The U.S. government has decided to stop doing business with a company and a person from Vietnam because they were trading goods from Iran. This means the company and person will not be able to use American banks or visit the U.S. anymore.