U.S. imposes fresh sanctions on Iran

The United States has slapped another round of sanctions on the Islamic Republic of Iran, this time against its petrochemical industry. The new punitive economic measures specifically target the “Persian Gulf Petrochemical Industries Company” and 39 of its subsidiaries and foreign-based sales agents for its provision of financial support to the economic division of the Islamic Revolutionary Guards Corps, which was designated by Washington as a terror entity. U.S. Treasury Secretary Steven Mnuchin said in a statement that “By targeting this network we intend to deny funding to key elements of Iran’s petrochemical sector that provide support to the IRGC.” The latest restrictions come in addition to another set imposed last month, aimed at Iranian export revenues from industrial metals, as the White House continues to ratchet-up pressure on Tehran over its nuclear and ballistic missile programs and for waging proxy wars in the region.