Iran said Saturday that new US sanctions on its petrochemical industry show the hollowness of President Donald Trump’s claims to be open to fresh negotiations with Tehran.

“Only one week was needed for the US president’s claim that he was ready to negotiate with Iran to be proven hollow,” foreign ministry spokesman Abbas Mousavi said in a statement, after the US Treasury announced new sanctions on Friday against Iran’s largest and most profitable petrochemicals group PGPIC.

The US hit Iran’s petrochemical group PGPIC with economic sanctions due to its ties with the country’s Revolutionary Guards (IRGC), the Treasury Department announced on Friday.

The sanctions prohibit the firm and its subsidiaries from accessing the US market or financial system, including through other foreign companies, and blocks all funds or property that is in the United States or held by a US firm.

The PGPIC group holds 40 percent of Iran’s total petrochemical production capacity and is responsible for 50 percent of the country’s petrochemical exports, the Treasury said.

The move aims to choke off financing to the country's largest and most profitable petrochemical group and extends to its 39 subsidiaries and “foreign-based sales agents,” the Treasury Department said in a statement.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55