The United States sanctioned Iran's largest petrochemical holding group on ...
WASHINGTON - The United States sanctioned Iran’s largest petrochemical holding group on Friday for supporting the Islamic Revolutionary Guard Corps , a step it said aimed to dry up revenues to the Iranian military unit but that analysts called largely symbolic.
The new sanctions come as the Trump administration seeks to increase economic and military pressure against Iran both because of its nuclear and missile programs as well as its support for proxy groups in Syria, Iraq, Lebanon and Yemen. Iran has denied responsibility for the May 12 attacks on four tankers off the coast of the United Arab Emirates.
“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,” U.S. Treasury Secretary Steven Mnuchin said in a statement. U.S. persons are already barred from nearly all dealings with the Iranian economy, so the latest sanctions largely apply only to non-U.S. companies and individuals.
“Even where the net effect may be relatively small, I think the administration is banking on the overlapping authorities and obstacles to compound the pressure on the Iranians and create a sense that the entire economy is off limits,” she added.
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