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US President Announces Sanctions Against Iranian Steel

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US President Announces Sanctions Against Iranian Steel

May 24, 2019

 

The US President has announced the signing of an executive order imposing sanctions on Iran’s iron, steel, aluminum and copper industries. It said in a statement that the sanctioned industries are the Iranian government’s biggest source of export revenue after oil, a move that will further strengthen the U.S. ‘extreme pressure’ on Iran. He also said he looked forward to meeting with Iranian leaders one day to work out a New Deal.

According 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 will 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 agreement 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. The eu, France, Germany and the UK expressed deep regret over the resumption of us sanctions against Iran and said they would continue to make efforts to safeguard legitimate trade with Iran. Iranian President hassan rouhani announced Tuesday that his country will suspend some of the terms of the Iran nuclear deal after unilateral U.S. sanctions led Iran to take countermeasures.

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