NEW US EXECUTIVE ORDER IMPOSES ADDITIONAL SANCTIONS ON IRAN
On 10 January, the US Treasury announced that a new Executive Order expanding authorities to target additional sources of revenue used by the Iranian regime. It is said that they are used by the Iranian regime to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence. It authorises the Secretary of the Treasury, in consultation with the Secretary of State, to impose sanctions against persons operating in or transacting with additional sectors of the Iranian economy, including construction, mining, manufacturing, and textiles.
OFAC NEW SANCTIONS TARGETS IRAN’S BILLION DOLLAR METALS INDUSTRY AND SENIOR REGIME OFFICIALS
On 10 January, OFAC announced that it had designated 8 senior Iranian regime officials who have, it says, advanced the regime’s destabilising objectives, as well as the largest steel, aluminium, copper, and iron manufacturers in Iran, who collectively generate billions of dollars annually. Those designated include Ali Shamkhani, the Secretary of Iran’s Supreme National Security Council; Mohammad Reza Ashtiani, the Deputy Chief of Staff of Iranian armed forces; and Gholamreza Soleimani, the head of the Basij militia of the Islamic Revolutionary Guards Corps (IRGC) – and just killed in a drone strike. Entities designated include a Chinese trading company and a Seychelles-based and Chinese-based company involved with the trading company. The new designations target the 13 largest steel and iron manufacturers in Iran, who collectively generate billions in sales annually, and the top companies operating in the Iranian aluminium and copper sectors.