According to the Ministry of Finance, the revenues of these companies are used to finance the destabilizing activities of the Tehran regime.
The United States, on Thursday, added to the sanctions list four companies operating in the Iranian steel sector, as well as sales agents for the largest Iranian steel company.
The Ministry of Finance announced the imposition of sanctions against Tara Steel Trading GmbH, a German-based subsidiary of Mobarakeh Steel, three UAE-based companies with a controlling interest in the steel company, and Metil Steel, which is based in Iran.
According to the Ministry of Finance, sales agents “annually received tens of millions of dollars from the sale of Mobarakeh Steel Company products abroad, making a significant contribution to the multibillion-dollar revenues of the steel, aluminum and copper industry in Iran.”
Mobarakeh Steel Co is the largest producer of strip steel in the Middle East and North Africa. The company accounts for 1 percent of Iran’s GDP. The company was previously blacklisted by other us agencies.
The sanctions list also includes three major Iranian producers of aluminum, steel, and iron, which have contributed billions of dollars to the sale and export of Iranian metals.
The sanctions provide for the freezing of all assets of companies located in the jurisdiction of the United States, and a ban on doing business with them for American citizens and companies.
The sanctions are not related to the Reuters investigation published on Wednesday about the use of aluminum powder in the production of missiles in Iran.
“The Iranian regime continues to use profits made from steel companies and foreign trade agents to finance destabilizing behavior around the world,” Treasury Secretary Steven Mnuchin said.