Tougher Sanctions on Major Iranian Metals Companies
The Treasury Department’s Office of Foreign Assets Control has added to the List of Specially Designated Nationals and Blocked Persons four steel, aluminum, and iron companies operating within Iran’s metals sector, including a German subsidiary of Iran’s largest steel manufacturer as well as a Germany-based and three United Arab Emirates-based sales agents. These entities were designated for their affiliation to Iranian entity Mobarakeh Steel Company, whose property and interests in property are currently blocked pursuant to Executive Order 13871 and/or for operating in the iron, steel, and aluminum sectors of Iran.
Additionally, the U.S. has designated pursuant to section 1245 of the Iran Freedom and Counter-Proliferation Act an entity based in mainland China and Hong Kong for knowingly transferring 300 metric tons of graphite to the Islamic Republic of Iran Shipping Lines, an Iranian entity on the SDN List.
As a result of these actions, all property and interests in property of these entities that are in the U.S., or that hereafter come within the U.S. or that are or hereafter come within the possession or control of U.S. persons, are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.
For more information, please contact export compliance attorney Kristine Pirnia.