On June 23, 2020, the US blacklisted four steel, aluminum, and iron companies operating in Iran’s metals sector as well as sales agents of Iran’s largest steel manufacturer it said generate tens of millions of dollars for Iran’s metals industry.
The Treasury Department said that the sales agents “Generated tens of millions of dollars annually from the foreign sale of Mobarakeh Steel Company products, providing significant contributions to the billions of dollars generated overall by Iran’s steel, aluminum, copper, and iron sectors”.
Steven MNUCHIN the Treasury Secretary said in the statement: “The Iranian regime continues to use profits from metals manufacturers and foreign sales agents to fund destabilizing behavior around the world”.
The sanctions are the latest U.S. effort to slash Iranian revenues since U.S. President TRUMP withdrew in 2018 from the 2015 Iran nuclear deal, increasing U.S – Iranian tensions.
The US targeted with these sanctions Tara Steel Trading GmbH, a Germany-based subsidiary of Mobarakeh Steel Co, UAE based sales agents Pacific Steel FZE, Better Future General Trading Co LLC, and Tuka Metal Trading DMCC, all majority-owned by Mobarakeh Steel Co. and Iran-based Metil Steel, also majority-owned by the company.
Mobarakeh Steel Co contributes 1% of Iran’s GDP, the Treasury said.
The Treasury also blacklisted Iran-based aluminum, steel, and iron producers South Aluminum Company, Sirjan Jahan Steel Complex, and Iran Central Iron Ore Company.
Also designated were 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 a blacklisted Iranian entity.
According to the designation, all property and interests of the property of designated entities in the US have been blocked and Americans are generally prohibited from engaging in any transactions with them.
Abbas MOUSAVI Iran’s Foreign Ministry spokesman called the new sanctions another “desperate” move by the US against Iranian individuals and a sign of the “miserable failure” of the TRUMP administration’s pressure policy.
“Despite the U.S. pressure, Iran and Venezuela remain steadfast in countering unlawful American sanctions,” MOUSAVI said.
This article was edited using the data from the Aljazeera.com, Reuters.com, English.aawsat.com, Thisismoney.co.uk, and Xinhuanet.com.