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U.S. Imposes Sanctions On Iranian Oil Giant

By RFE/RL June 07, 2019

The U.S. Treasury Department has announced sanctions against Iran's Persian Gulf Petrochemical Industries Company (PGPIC), as part of a series of moves to pressure Tehran to negotiate a new agreement to restrict its nuclear and ballistic-missile programs.

The sanctions announced on June 7 hit PGPIC and 39 subsidiaries and foreign-sales agents. The company accounts for 40 percent of Iran's petrochemical-production capacity and 50 percent of its petrochemical exports.

The Treasury Department statement said PGPIC was providing financial support for a company controlled by the Islamic Revolutionary Guards Corps (IRGC), which was previously designated a "foreign terrorist organization."

In 2018, the Trump administration withdrew from a 2015 deal between Tehran and leading international powers that imposed restrictions on its nuclear program in exchange for sanctions relief.

Trump has said that deal was "fatally flawed" because it did not address Iran's ballistic-missile program or Tehran's alleged state sponsorship of terrorism.

With reporting by AP and Reuters

Source: https://www.rferl.org/a/u-s-imposes-sanctions-on- iranian-oil-giant/29987090.html

Copyright (c) 2019. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.