The United States targeted Iran’s petrochemical industry in new sanctions imposed, including the country’s largest petrochemical holding group.

Iran Press/America: The sanctions target Persian Gulf Petrochemical Industries Company (PGPIC) for providing financial support the economic arm of the Islamic Revolution Guard Corps (IRGC), Iran’s elite military unit in charge of Iran’s ballistic missile and nuclear programs, US Treasury Department said on Friday according to Reuters.


The new sanctions come as Washington called for negotiation with Iran.

"US president mentioned his willingness to have a dialogue with Iran during the past several days," US Secretary of State, Mike Pompeo said on Jun 03.

US Treasury Department also designated the holding group’s network of 39 subsidiary petrochemical companies.

On April 8, US President Donald Trump placed IRGC on terrorism blacklist which drew a fierce reaction from the global community.

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PGPIC and its subsidiaries hold 40% of Iran’s petrochemical production capacity and are responsible for 50% of Iran’s total petrochemical exports, it said.

“By targeting this network we intend to deny funding to key elements of Iran’s petrochemical sector that provide support to the IRGC,” Treasury Secretary Steven Mnuchin said in a statement.

Condemning US illegal action against the IRGC, Supreme National Security Council of Iran in return, designated the US Central Command (CENTCOM) as a terrorist group. 104

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