In a statement on Saturday, Iranian Foreign Ministry Spokesman Abbas Mousavi strongly condemned the new USA sanctions on Iran's petrochemical companies, deeming the move an instance of "economic terrorism" and in line with the hostile policies of the White House toward the Iranian nation.
The United States sanctioned Iran's largest petrochemical holding group on Friday for indirectly supporting the Islamic Revolutionary Guard Corps (IRGC), a step it said aimed to dry up revenues to the Iranian military unit but that analysts called largely symbolic.
PGPIC and its subsidiaries hold 40% of Iran's total petrochemical production capacity and are responsible for 50% of Iran's petrochemical exports, according to Treasury.
"This action is a warning that we will continue to target holding groups and companies in the petrochemical sector and elsewhere that provide financial lifelines to the IRGC", Treasury Secretary Steven Mnuchin said.
"All countries have a responsibility to react to the brazen violation of the fundamental principles of global law and not allow the achievements of the worldwide community in multilateralism to be further ruined by the USA ruling system's coercive and unilateral measures", the spokesman concluded.
Three investigators and a previous Treasury authority said the most recent sanctions will probably have just a modest impact in light of the fact that non-US organizations officially timid far from working with Iran's petrochemicals segment on account of existing sanctions.
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TEHRAN, Iran-Iran has condemned new United States sanctions targeting its petrochemical industry, saying they prove President Donald J. Trump is not serious about pursuing negotiations.
The new sanctions come as Washington keeps up pressure against Iran over its ballistic missile program and for waging proxy wars in other Middle Eastern countries.
An Iranian Foreign Ministry spokesman slammed the latest US action.
The move plans to interfere with financing to the nation's biggest and most gainful petrochemical group and reaches out to its 39 subsidiaries and "outside based deals specialists", Treasury said in an announcement.
Trump has ramped up sanctions on Iran since withdrawing the United States from Iran's 2015 nuclear accord with world powers past year, while saying as recently as this week that he is open to talks with Tehran.