US imposes sanctions on Iran petrochemical firms

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

"As Iran's oil revenues continue to fall due to international sanctions, the Iranian government has increasingly turned to other industries to make up for lost profits," the Treasury Department said in a statement.

The petrochemical industry "is now the second largest source of revenue for the Iranian Government," the statement said.

Meanwhile, the State Department announced sanctions on Dubai-based Niksima Food & Beverage Co., a Dubai-based frozen yogurt and dessert company, saying the company received payments on behalf of Iran's Jam Petrochemical Company, which was put under the same sanctions.

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

Since last year, the US has brandished sanctions against anyone who buys Iran's oil. In its latest move, it punished Ferland Co., which is based in Cyprus and Ukraine, for allegedly assisting the Iranian National Tanker Company.

US authorities also took action against several individuals and airlines for alleged cooperation with Iran, including Kyrgyzstan-based Kyrgyz Trans Avia and Ukraine-based Ukrainian-Mediterranean Airlines, also known as Um Air.

AFP via Dow Jones Newswires

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