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US Imposes Sanctions on Iran Related Steel Firms

Steel News - Published on Fri, 26 Jun 2020

Image Source: US Iran Santions
US Department of the Treasury's Office of Foreign Assets Control has issued sanctions targeting four steel, aluminum and iron companies operating within Iran's metals sector. The department said "Mobarakeh Steel Company has provided millions of dollars annually to Mehr Eqtesad Iranian Investment Company, an entity with close ties to Iran's paramilitary Basij force, which is controlled by the IRGC, and its Bonyad Taavon Basij. Collectively, the subsidiaries designated today help generate the equivalent of tens of millions of dollars annually from the sale of Mobarakeh Steel Company products."

Germany-based Tara Steel Trading, a wholly owned subsidiary of Mobarakeh Steel, was designated for engaging in the wholesale of metals and metal ores in Europe.

UAE-based Pacific Steel, Better Future General Trading Co and Tuka Metal Trading were also designated as agents and trading companies that are majority-owned by Mobarakeh Steel Company and have engaged in the import and export of Iranian metal products in the region. Metil Steel, and Iran-based steel producer and exporter, was also designated for being majority-owned by Mobarakeh Steel.

The actions announced June 25 also target three large aluminum, steel, and iron producers in Iran, including South Aluminum Co., Sirjan Jahan Steel Complex and the Iran Central Iron Ore Co.

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Posted By : Yogender Pancholi on Fri, 26 Jun 2020
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