On January 5, the United States Treasury imposed sanctions on 17 institutions and individuals from Iran's steel and mining industries.
The Treasury's Office of Foreign Assets Control (OFAC) said it imposed sanctions on a Chinese supplier of graphite electrodes, a major component of steel production, as well as 12 Iranian producers of steel and other metal products, and three overseas sales agents for a major Iranian metal company and the Iranian Mining Holding Company.
According to the Treasury Department's statement, "The Iranian metals sector is an important revenue source for the Iranian regime, generating wealth for its corrupt leaders and financing a range of nefarious activities, including the proliferation of weapons of mass destruction and their means of delivery, support for foreign terrorist groups, and a variety of human rights abuses, at home and abroad."
The US Department of State has also put sanctions on Kaifeng Pingmei New Carbon Materials Technology Co., LTD (KFCC), based in China, and Hafez Darya Arya Shipping Company, based in Iran, which is a subsidiary of the Republic of Iran Shipping Lines Company.
The State Department stated that both companies had intentionally sold, supplied, and transported graphite, directly or indirectly to and from Iran, as well as sold, supplied, and transported products to and from Iranian entities, namely South Kaveh Steel Company and Arfa Iron and Steel Company, which are both included on the Treasury Department's sanctions list.
The US State Department has furthermore imposed sanctions on Majid Sajda, the CEO of Hafez Darya Arya Shipping Company.
US Treasury Secretary Steven Mnuchin said: "The Trump administration remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction."
In accordance with the sanctions, all property and interests belonging to the organizations or individuals put on the United States sanctions list, or property and interests in the possession or control of US citizens, will be frozen and reported to OFAC.
OFAC regulations generally prohibit all dealings with sanctioned individuals.
The US sanctions follow Iran's announcement in early January that it was increasing uranium enrichment by 20 percent, prompting the European Union to issue an official warning to the Islamic Republic.
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