The US recently targeted Iran's unmanned aerial vehicle industry over its supply of drones to Russia.
After US sanctions were imposed on Iran in 2018, Iranian exports have taken significant hits worldwide.
The US Treasury Department imposed sanctions on six Iran-based petrochemical manufacturers, and three firms in Malaysia and Singapore, over the production, sale and shipment of Iranian petrochemichal
The Treasury Department's Office of Foreign Assets Control (OFAC) designated eight senior executives of Paravar Pars, the department said in a statement.
Similar limitations have been slapped on some Russian banks since Moscow's invasion of Ukraine last year.
Iran is home to strong universities, advanced technology, and innovative start-ups. And a giant economy and population, whose size alone makes it formidable.
Israeli Prime Minister Benjamin Netanyahu seeks international support for a credible military threat to stop Iran’s nuclear race.
"We believe we should already start working on the fifth [sanctions package] to list IRGC as a terrorist organization," said one EU diplomat.
Iran lacks the technology and infrastructure to develop its massive natural gas reserves.
The targeted Qods Aviation Industries, which itself has been under US sanctions since 2013, has been a key Iranian defense manufacturer responsible for the design and production of drones.
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