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US government imposes sanctions on Iran's petrochemical sector

11:03 AM MDT | June 1, 2013 | Natasha Alperowicz

The US government on Friday imposed sanctions for the first time on Iran’s petrochemical industry as part of its ongoing efforts to intensify pressure on the Iranian economy. The Treasury Department said: “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.” It says that the petrochemical industry is now Iran’s second largest source of revenue after oil.   Sanctions have been imposed on 8 Iranian petrochemical...

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