US Treasury hits Iran’s petrochemical industry with sanctions
Tehran (KNA) - The administration of US President Donald Trump has announced new sanctions on Iran, targeting the country’s petrochemical industry, including its largest petrochemical holding group, called Persian Gulf Petrochemical Industries Company (PGPIC).
The Treasury Department in a statement on Friday accused PGPIC of its financial support for the Islamic Revolution Guards Corps (IRGC) and said that sanctions are aimed to choke off financing for Iran’s largest and most profitable petrochemical group.
Treasury also imposed sanctions on the holding group's network of 39 subsidiary petrochemical companies and what it called "foreign-based sales agents.” It warned that international companies continuing to partner with PGPIC or its subsidiaries and sales agents "will themselves be exposed to US sanctions."
"This action is a warning that we will continue to target holding groups and companies in the petrochemical sector and elsewhere that provide financial lifelines to the IRGC," Treasury Secretary Steven Mnuchin said in the statement.
"By targeting this network we intend to deny funding to key elements of Iran’s petrochemical sector that provide support to the IRGC," he added.