US issues new Iran-related sanctions targeting steel, other metal companies: Treasury

The US Department of Treasury building. (File photo)

The United States on Thursday blacklisted four companies in Iran’s metals sector, as well as subsidiaries of Iran’s largest steelmaker that Washington said generate millions of dollars for Tehran’s metals industry.

The Treasury Department said in a statement that the sales agents together generated tens of millions of dollars annually
from the foreign sale of Mobarakeh Steel Company products,contributing to billions of dollars generated overall by Iran’s
steel, aluminum, copper and iron sectors.

“The Iranian regime continues to use profits from metals manufacturers and foreign sales agents to fund destabilizing behavior around the world,” Treasury Secretary Steven Mnuchin said in the statement.

The sanctions are the latest US effort to slash Iranian revenues since US President Donald Trump withdrew in 2018 from the 2015 Iran nuclear deal, exacerbating US-Iranian tensions.

Mobarakeh Steel Co, previously blacklisted by Washington, accounts for 1 percent of Iran’s gross domestic product, the Treasury said.

Read more:

US sanctions have made currency transfers difficult for Iran: Rouhani

Amid tightening US sanctions, Iran’s currency hits lowest value ever against dollar

US plans to stick to policy of harsh economic sanctions on Iran: Brian Hook

The Treasury also blacklisted Iran-based aluminum, steel andiron producers South Aluminum Company, Sirjan Jahan Steel
Complex and Iran Central Iron Ore Company.

Also designated was Global Industrial and Engineering Supply Ltd, which the Treasury said had addresses in China and Hong
Kong and had in 2019 knowingly transferred graphite to ablacklisted Iranian entity.

The sanctions freeze any US assets held by the companies and generally prohibit Americans from dealing with them.

It did not appear Thursday’s actions were related to companies cited in a Reuters report on Wednesday disclosing Iran’s production of aluminum powder for use in missiles.

For all the latest headlines follow our Google News channel online or via the app.

SHOW MORE
Last Update: Thursday, 25 June 2020 KSA 20:38 - GMT 17:38
Top