US sanctions Irans petrochemical holding group, subsidiaries & sales agents
The US Treasury Department has slapped sanctions on Irans largest and, according to Washington, “most profitable” petrochemical holding group, for allegedly supporting terrorism.
Announced by the Treasury Department on Friday, the sanctions punish Persian Gulf Petrochemical Industries Company (PGPIC) for allegedly providing financial support to Irans elite Islamic Revolutionary Guard Corps (IRGC), formally designated as a “foreign terrorist organization” by Washington in April.
Treasury sanctions Irans largest petrochemical holding group and vast network of subsidiaries and sales agents https://t.co/WM5rzENhFC
— Treasury Department (@USTreasury) June 7, 2019
In addition, the sanctions target PGPICs “vast network” of 39 subsidiary companies and foreign sales agents. Altogether, these companies hold 40 percent of Irans total petrochemical production, and are responsible for 50 percent of the countrys petrochemical exports.
Reiterating familiar claims, the Treasury Department stated that “the profits from these activities support the IRGCs full range of nefarious activities, including the proliferation of weapons of mass destruction (WMD) and their means of delivery, support for terrorism, and a variety of human rights abuses, at home and abroad.”
Months before designating the IRGC a terrorist group, Washington had Irans oil industry in its crosshairs. The sector was sanctioned heavily after the US pulled out of theRead More – Source