New US Sanctions on Companies in Iran Metals Sector

Iran

June 25th, 3:26pm

Asharq Al-Awsat

FILE PHOTO: US Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, US, February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo

The United States on Thursday 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 Tehran's metals industry. The Treasury Department said in a statement 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." Mobarakeh Steel Co accounts for 1 percent of Iran's gross domestic product, the Treasury said. It has been designated by the United States under different authorities, including counterterrorism and for operating in Iran's metal sector. Thursday's action also blacklisted three large aluminum, steel and iron producers in Iran, accusing them of contributing billions of dollars in sales and export of Iranian metals. The sanctions freeze any US assets held by the companies and generally prohibit Americans from dealing with them. "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.

from Asharq AL-awsat https://english.aawsat.com/home/article/2354131/new-us-sanctions-companies-iran-metals-sector