U.S Treasury sanctions Iran’s petrochemical sector

The U.S Treasury Department announced that Iran’s petrochemical sector has been added to the sanction list for financially supporting the Islamic Revolutionary Guard Corps.

According to their website of the Treasury, on Friday, June 7, the Treasury Department added the names of 39 companies in Iran’s petrochemical sector to the list of U.S sanctions.

The Persian Gulf chemical industry company is listed as the main company and the rest are its subsidiary companies.

This company and its subsidiaries produce 40 percent of Iran’s petrochemicals and half of its petrochemical exports.

As the new sanctiosn were announced, Secretary Pompeo tweeted: “Maximum pressure on Iran’s regime continues today. U.S Treasury imposed sanctions on Iran’s petrochemical sector, which funds the IRGC. The U.S. will deny the regime the money it needs to destabilize the Middle East.”

The Treasury Secretary Steve Mnuchin also stated: "By targeting this network we intend to deny funding to key elements of Iran's petrochemical sector that provide support to the IRGC.”

 

 

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