US announced new sanctions on Iran

The Trump administration announced today new sanctions on Iran, with specific sanctions against the country’s largest iron and steel manufacturers.

“The President is issuing an executive order authorizing the imposition of additional sanctions against any individual owning, operating, trading with, or assisting sectors of the Iranian economy including construction, manufacturing, textiles, and mining,” US Treasury Secretary Steve Mnuchin told reporters at the White House. Mnuchin added that the sanction will be in effect “until Iran stops its terrorist activities and commit to never having a nuclear weapon.”

U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against eight senior Iranian regime officials and  designated 17 Iranian metals producers and mining companies; a network of three China- and Seychelles-based entities; and a vessel involved in the purchase, sale, and transfer of Iranian metals products, as well as in the provision of critical metals production components to Iranian metal producers.

Today’s action targets the 13 largest steel and iron manufacturers in Iran. OFAC is designating Mobarakeh Steel Company, Saba Steel, Hormozgan Steel Company, Esfahan Steel Company, Oxin Steel Company, Khorasan Steel Company, South Kaveh Steel Company, Iran Alloy Steel Company, Golgohar Mining and Industrial Company, Chadormalu Mining and Industrial Company, Arfa Iron and Steel Company, Khouzestan Steel Company, and Iranian Ghadir Iron & Steel Co pursuant to E.O. 13871 for operating in the iron, steel, aluminum, or copper sectors of Iran.

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