The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday designated more than a dozen new sanctions against the Iranian metals sector.
In a press briefing, Secretary of the Treasury Steven Mnuchin announced the imposition of new sanctions against a China-based supplier of graphite electrodes, 12 Iranian producers of steel and other metals products, and three foreign-based sales agents of a major Iranian metals and mining holding company. OFAC’s list of identifying information on the new designations can be accessed here.
The new sanctions were authorized under Executive Order (E.O.) 13871, issued by President Donald Trump in May 2019. The E.O. imposes sanctions on several sectors of the Iranian economy, including Iran’s steel sector, that continue to generate significant revenue for the Iranian regime.
Sanctions compliance implications: “All property and interests in property of these persons that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC,” the agency said. Those engaged in certain transactions with OFAC-designated persons may themselves be exposed to sanctions.