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OFAC targets key actors in Iran's steel sector

OFAC has designated a China-based supplier of graphite electrodes, a key element in steel production, as well as twelve Iranian producers of steel and other metals products, and three foreign-based sales agents of a major Iranian metals and mining holding company. This action was taken pursuant to Executive Order 13871, which imposes sanctions on several sectors of the Iranian economy, including Iran’s steel sector, that continue to generate significant revenue for the Iranian regime.

In concurrent actions, the State Department has sanctioned entities and an individual, Majid Sajdeh, under the Iran Freedom and Counter-Proliferation Act of 2012 (IFCA).

The names and identification information on the sanctioned individual and entities are list in BankersOnline's OFAC Update.

OFAC also updated its CAATSA FAQs yesterday.
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