On 7th June, OFAC added 33 new entities to its sanctions lists. At the same time, it amended 7 existing entries. An accompanying news release said that OFAC was targeting Iran’s largest and most profitable petrochemical holding group – the Persian Gulf Petrochemical Industries Company (PGPIC) – for providing financial support to Khatam al-Anbiya Construction Headquarters (Khatam al-Anbiya), the engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC). In addition to PGPIC, OFAC is designating PGPIC’s vast network of 39 subsidiary petrochemical companies and foreign-based sales agents. PGPIC and its group of subsidiary petrochemical companies hold 40% of Iran’s total petrochemical production capacity and are responsible for 50% of Iran’s total petrochemical exports. It also says that the IRGC and its major holdings have a dominant presence in Iran’s commercial and financial sectors, controlling multi-billion dollar businesses. A number of entities designated today export products and have known business ties with companies around the globe. International companies that continue to partner with PGPIC and its designated subsidiaries and sales agents will themselves be exposed to US sanctions.