US announces new sanctions against 17 Iranian steel companies

US Treasury Secretary Stephen Mnuchin announced that the US has imposed new sanctions on steel and metal exports from Iran. He said: “The President is issuing an executive order authorizing the imposition of additional sanctions against any individuals who own, work, trade or help sectors of the Iranian economy, including construction, manufacturing, textiles and mining. These will be both primary and secondary sanctions and that the order allows the US to define other sectors in the future.

In addition, the US is announcing a list of special sanctions against the largest steel and iron producers in Iran, three Seychelles-based enterprises and a vessel involved in the transfer of products. The sanctions targeting 17 entities in the steel industry and several other transport and trade organizations, some of them based in the Seychelles, are intended to cut off billions of dollars in Iran. The U.S. Foreign Assets Office lists some of the entities that are currently subject to sanctions.

This comes after President Donald Trump has threatened new sanctions in response to Iranian airstrikes last week aimed at US military bases in Iraq.

The major steel producers in Iran, excluding small private sector enterprises, exported 5.2 million tonnes of finished and semi-finished steel in the first nine months of this Iranian year, up 19% over the same period last year. Most of Iran's steel exports go to East Asia and the Middle East.