US expands sanctions against Iran, Treasury Dept says

WASHINGTON (Reuters) – The United States on Friday expanded sanctions against Iran’s petroleum and petrochemical sectors in response to Iran’s missile attack on Israel, the Treasury Department said.

“This action intensifies financial pressure on Iran, limiting the regimeâ€s ability to earn critical energy revenues to undermine stability in the region and attack U.S. partners and allies,” the Treasury Department said in a statement.

It adds the petroleum and petrochemical sector to an existing executive order that targets key sectors of Iran’s economy with the aim of denying the government financial resources to support its nuclear and missile program.

The Treasury Department is also designating 16 entities and identifying 17 vessels as blocked property, citing their involvement in shipments of Iranian petroleum and petrochemical products in support of the National Iranian Oil Company, according to the statement.