United States Announces Sanctions Against Iranian Steel And Other Industries

- May 17, 2019-

United States announces sanctions against Iranian steel and other industries

U.S. President Donald Trump issued a statement on May 8 announcing the signing of an executive order imposing sanctions on Iran's iron, steel, aluminum. copper and other industries.In his statement, Trump said the sanctioned industries are the Iranian government's biggest source of expon revenue besides oil. This will further strengthen the "extreme pressure" the United States places on Iran. He also said he looked forward to meetina with Iranian leaders one day to work out a new dealAccording to the executive order, the targets of sanctions include individuals or entities that own or participate in the operation of businesses related to the iron, steel, aluminum and copper industries in Iran. individuals or entities that participate in the trade of goods or services related to the above industries in Iran, and individuals or entities that provide material or financial and technical support for the sanctioned objects. 

Sanctions wil also be imposed on foreign financial institutions that provide important financial services for the export of products from Iranian-related industries. The assets of sanctioned individuals and entities in the United States would be frozen and U.S. citizens would not be allowed to trade with them.The United States announced its withdrawal from the comprehensive aqreement on the Iranian nuclear issue in May last year, and then gradually resumed the sanctions against Iran suspended as a result of the agreement, involving Iran's oil exports, finance, shipping and other key areas