KABUL(Pajhwok): The US Department of the Treasury has imposed new sanctions on companies operating in Iran’s automotive, railway, manufacturing and steel sectors, as well as foreign networks linked to them, saying the measures are aimed at further restricting Iran’s economic and industrial resources.
In a statement, the US Treasury Department said the measures are part of a campaign called “Operation Economic Outcast,” which Washington launched against Iran on August 24 this year.
According to the statement, the Treasury’s Office of Foreign Assets Control (OFAC) has designated Iran’s automotive and railway sectors and added a number of major companies operating in these industries to its sanctions list.
Among those designated are Iran’s two major automakers, Iran Khodro Company (IKCO) and SAIPA Iranian Automobile Manufacturing Company (SAIPA). The Treasury said the two companies account for more than 90 percent of Iran’s domestic automotive market.
Iran Khodro Diesel, Pars Khodro, Zamyad, and two motorcycle manufacturers have also been added to the sanctions list.
In Iran’s railway sector, the Islamic Republic of Iran Railway Company, Raja Passenger Trains Company, and a private freight railway company have also been designated.
The Treasury Department said it has also sanctioned companies in Indonesia, the United Arab Emirates, Türkiye and Hong Kong that supply parts and other equipment to Iran’s automotive industry. In addition, a number of companies and individuals linked to Iran’s manufacturing and steel sectors in Iran, China, Germany, the UAE and Hong Kong have been sanctioned.
US Treasury Secretary Scott Bessent said the measures are intended to target networks and entities that Washington says enable the Iranian government to generate revenue and finance its activities.
Under the sanctions, the property and financial interests in the United States of designated individuals and entities are blocked. US citizens and companies are generally prohibited from conducting transactions with them, unless authorized by the Treasury Department. Certain foreign financial institutions may also face secondary sanctions if they engage in specified transactions with the designated individuals or entities.
The Iranian government has not yet issued an immediate response to the new measures.
Iranian officials have previously said, in response to US economic pressure, that such sanctions would fail, would not achieve their objectives, and that Iran would not yield to pressure from Washington.
sa
