US slaps sanctions on Iran's petrochemical industry

The US government has slapped sanctions on Iran's petrochemical industry as part of its efforts to intensify the squeeze on Tehran's economy.

In a written statement Friday, the Treasury Department announced sanctions on eight Iranian petrochemical companies that are "owned or controlled by the government of Iran".

These targeted companies included Bandar Imam Petrochemical Company, Bou Ali Sina Petrochemical Company, Mobin Petrochemical Company, Nouri Petrochemical Company, Pars Petrochemical Company, Shahid Tondgooyan Petrochemical Company, Shazand Petrochemical Company, and Tabriz Petrochemical Company, according to the statement.

The State Department also sanctioned two companies for "knowingly" engaging in the purchase of petrochemical products from Iran.

At a regular briefing, State Department spokesperson Jen Psaki said the two listed companies are identified as Jam Petrochemical Company and Niksima Food and Beverage JLT.

"These actions underscore US resolve to cut off funds from the Iranian petrochemical sector, as the second-largest revenue source for Iran's illicit nuclear program," she told reporters.