The Treasury Department announced sanctions "against Iran's largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC)" as well as "39 subsidiary petrochemical companies and foreign-based sales agents". In accompanying comments, Secretary Mnuchin indicated that "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". Secretary of State Pompeo also issued a statement in which he asserted that "the only path forward is for Iran to negotiate a comprehensive deal". Iran's diplomatic spokesperson called the move "economic terrorism" and contended that "only one week of patience was enough to prove the U.S. president's claim about negotiations with Iran to be proven empty".
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