U.S. sanctions the Iranian steel industry and shipping
The sanctions is declared a response to the Iranian regime uses its revenues garnered from its metals sector fund insurgency and destabilization activities around the world.
By Michael McGrady, Maritime Direct Americas Correspondent
The U.S. Treasury Department’s Office of Foreign Assets Control announced new sanctions against companies crucial to the Iranian steel industry. These sanctions include actions taken against shipping companies based in China and around the world.
According to the U.S. government, the Iranian regime uses its revenues garnered from its metals sector fund insurgency and destabilization activities around the world.
Due to this claim, the government imposed sanctions on 17 companies. Out of the companies sanctioned, several of them are state-owned and privately-owned enterprises operating in the shipping sector, reports The Maritime Executive.
Hafez Darya Arya Shipping Company, an operating subsidiary of the state-owned Islamic Republic of Iran Shipping Lines (IRISL) Group, was included in the action. Hafez Darya is accused of transporting graphite to and from Iran.
The graphite that was sold came from Iranian companies and persons, including executives of the South Kaveh Steel Company and the Arfa Iron and Steel Company of Iran. Other companies from Iran, Germany, China, and the U.K. were also sanctioned for facilitating graphite shipment and trade to and from Iran, too.
“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,” said Steven T. Mnuchin, the Treasury Secretary under the outgoing and controversial administration of President Donald Trump.
During Trump’s tenure, his Treasury Department has targeted Iran’s shipping industry extensively as a means to further destabilize the Iranian economy and government.
