Sanctions: US targets Iran petrochemical industry

Published: June 2, 2013

WASHINGTON: The US imposed sanctions on Iran’s petrochemical industry on Friday, vowing to target more of the regime’s sources of revenue after curbing its vital oil exports.

Washington also announced action against companies based in Cyprus, Kyrgyzstan, Ukraine and the United Arab Emirates for supporting Iranian entities accused of involvement in the country’s controversial nuclear program.

US officials said they were taking action against Iran’s petrochemical industry as it represented the Iranian government’s largest source of revenue after oil, which has been severely curtailed by a US-led sanctions campaign.

The Treasury Department also identified eight Iranian petrochemical companies as being under the control of the Tehran government, which subjects them to US sanctions.

Published in The Express Tribune, June 2nd, 2013.

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