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United States Department of the Treasury headquarters in Washington, DC

US Treasury Sanctions Companies Involved with Iran Petrochemical

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six companies linked to Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) – one of the largest petrochemical brokers in Iran – on Monday, August 1.

UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading will be sanctioned by the US Treasury for facilitating the sale of millions of dollars worth of Iranian-origin petroleum products.

“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said. “Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals,” Nelson added.

In lieu of a nuclear agreement, the US government has continued its strategy of economic pressure and has sanctioned Iranian businesses and organizations tied to the Islamic Republic or the IRGC. (JPost / VFI News)