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US hits Iran petrochemical group PGPIC with sanctions
WASHINGTON, June 7, 2019 (BSS/AFP) – The United States has hit Iran’s petrochemical group PGPIC with economic sanctions due to its ties with the country’s Revolutionary Guards (IRGC), the Treasury Department announced Friday.
The move aims to choke off financing to the country’s largest and most profitable petrochemical group and extends to its 39 subsidiaries and “foreign-based sales agents,” the Treasury Department said in a statement.
“This action is a warning that we will continue to target holding groups and companies in the petrochemical sector and elsewhere that provide financial lifelines to the IRGC,” Treasury Secretary Steven Mnuchin said in the statement.
BSS/AFP/MMA/2122HRS