September Net

The United States targeted Iran’s petrochemical industry in new sanctions imposed on Friday, including the country’s largest petrochemical holding group over its financial support for the Revolutionary Guard Corps (IRGC), the Treasury Department said.

The new sanctions come as Washington keeps up pressure against Iran over its ballistic missile program and for waging proxy wars in other Middle Eastern countries.

The sanctions target PGPIC for providing financial support the economic arm of the IRGC.

Treasury also designated the holding group’s network of 39 subsidiary petrochemical companies and foreign-based sales agents. PGPIC and its subsidiaries hold 40 percent of Iran’s petrochemical production capacity and are responsible for 50 percent 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.