US hits Iran with new sanctions targeting petrochemicals


(Worthy News) – The Trump administration on Friday hit Iran with new sanctions that target its largest petrochemical company for providing support to the Revolutionary Guard Corps.

The Treasury Department imposed sanctions on the Persian Gulf Petrochemical Industries Company and 39 of its subsidiaries and foreign sales agents. It said the company holds 40 percent of Iran’s petrochemical production capacity and is responsible for 50% of the country’s petrochemical exports. It said the sanctions were the result of the company doing billions of dollars of business with the Guard Corps.

The administration designated the corps a “foreign terrorist organization” last month, the first time it has ever done so for a foreign governmental agency. That means the US can impose sanctions on any company or individual that provides a designated entity with material support. [ Source: Times of Israel (Read More…) ]

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