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New U.S. Sanctions Hit Firms Linked To Iran's Metals Sector


Iran's Mobarakeh Steel Company is one of the firms to have been hit with the new sanctions. (file photo)

The United States has unveiled new sanctions against the Iranian metallurgical sector, blacklisting several companies, including domestic and foreign subsidiaries of the country's main steel producer.

The Treasury Department said on June 25 that the sanctioned entities included four manufacturing companies and four sales agents as part of a crackdown on entities believed to fund Iran's "destabilizing behavior" worldwide.

The United States "remains committed to isolating key sectors of the Iranian economy until the revenues from such sectors are refocused toward the welfare of the Iranian people," Treasury Secretary Steven Mnuchin said in a statement.

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

The move is part of U.S. effort to slash Iranian revenues since President Donald Trump withdrew in May 2018 from a 2015 nuclear deal between Tehran and world powers.

The new U.S. sanctions target one domestic and four foreign subsidiaries -- operating in either Germany or the United Arab Emirates -- of Iran's Mobarakeh Steel Company, which Treasury said accounts for about 1 percent of Iran’s gross domestic product.

Mobarakeh Steel Company was blacklisted in 2018 for allegedly providing millions of dollars annually to an entity with close ties to Iran's paramilitary Basij force, which is controlled by the Islamic Revolutionary Guards Corps (IRGC).

Also targeted were three aluminum, steel, and iron producers in Iran, which Treasury said contributed to billions of dollars in sales and exports of Iranian metals every year.

A company which the Treasury said had addresses in China and Hong Kong was also sanctioned for allegedly transferring graphite to a blacklisted Iranian entity in 2019.

With reporting by AFP
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