US hits Iran with new sanctions; petrochemicals targeted
Saturday 08/June/2019 - 01:48 PM
The Trump administration on Friday hit Iran with new
sanctions that target its largest petrochemical company for providing support
to the Revolutionary Guard Corps, ABC News reported.
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% 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.
