According to a decision issued on November 18, the U.S. Treasury Department expanded the scope of sanctions against Iranian industries under Executive Order 13902 to include the Iranian oil and petrochemical industry.
The measure, which takes effect on October 11, allows the Office of Financial Assets Control (OFAC) to freeze the property and interests of anyone determined to engage in Iran’s oil and petrochemical industry, Treasury Secretary Janet Yellen said in the decision.
Yellen explained in the statement that the expanded sanctions are a response to the 2020 executive order targeting Iran’s construction, mining, manufacturing and in addition to existing sanctions on the textile industry. .
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