Designations Targeting Iran’s Largest Petrochemical Company for Support to Iran’s Islamic Revolutionary Guard Corps (IRGC)

June 7, 2019

Today, the United States expanded our campaign to impose maximum economic pressure on the Iranian regime. The U.S. Treasury designated Iran’s largest petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing support to Khatam al-Anbiya Construction Headquarters, the UN-designated engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC). The United States also designated PGPIC’s network of 39 subsidiary petrochemical companies and sales agents. This action will deprive the IRGC of critical revenue.

Our maximum economic pressure is aimed at depriving the Iranian regime of the funding it needs to sustain its expansionist foreign policy. Iran must end its nuclear threats and escalation, stop the testing of advanced ballistic missiles, cease support for terrorist proxies, and halt the arbitrary detention of foreign citizens. The only path forward is for Iran to negotiate a comprehensive deal that addresses these destabilizing behaviors.