United States hits Iran's largest petrochemical group with sanctions

Iranian soldiers take part in the

Iranian soldiers take part in the “National Persian Gulf day” in the Strait of Hormuz

The US hit Iran's petrochemical group PGPIC with economic sanctions due to its ties with the country's Revolutionary Guards (IRGC), the Treasury Department announced on Friday.

His statement came after the US Treasury announced new sanctions on Friday against Iran's largest and most profitable petrochemicals group PGPIC.

"By targeting this network we intend to deny funding to key elements of Iran's petrochemical sector that provide support to the IRGC", U.S. Treasury Secretary Steven Mnuchin said in a statement. The company accounts for 40 percent of Iran's petrochemical-production capacity and 50 percent of its petrochemical exports. While Obama's approach was to persuade Iran to change its behavior by strengthening its links with the rest of the world, Trump has taken the opposite approach with a bet that economic isolation will force the regime to switch course. It was the first time the USA had slapped that label on a government entity and is part of Trump's push to starve the regime of access to cash. That means the USA can impose sanctions on any company or individual that provides a designated entity with material support.

"All countries have a responsibility to react to the brazen violation of the fundamental principles of global law and not allow the achievements of the worldwide community in multilateralism to be further ruined by the USA ruling system's coercive and unilateral measures", the spokesman concluded.

"Maximum pressure on Iran's regime continues today", Secretary of State Mike Pompeo said, adding that US will continue to act to "deny the regime the money it needs to destabilize the Middle East".

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"They are afraid of any kind of war or possible conflict with Iran", he said, also noting that USA offers of talks without preconditions are false.

Trump a year ago pulled out of a 2015 agreement between Iran and world powers to curb Iran's nuclear programme in exchange for easing some sanctions, saying it did not go far enough.

Amid escalating tension, U.S. Secretary of State Mike Pompeo said in Switzerland on Sunday that the United States is ready for unconditional talks with Iran, a gesture dismissed by Iran's Foreign Ministry as merely "wordplay".

"The USA' unilateral nuclear along with to financial sanctions in defiance of Security Council resolution 2231 and the Joint Comprehensive Notion of Motion enjoy reached an unprecedented level for the length of the past few months", Iran's ambassador to the United Countries mentioned in the letter, which changed into dated May well additionally 23.

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