The United States on Thursday announced fresh sanctions targeting Iran’s largest automakers, as well as major rail, manufacturing and metals companies, as Washington seeks to exert maximum pressure in its war against the country. The US Treasury said the measures target sectors that represent some of Iran’s largest remaining sources of revenue and logistical capacity. “Because the rail and automotive sectors represent some of the regime’s largest remaining sources of revenue and logistical capacity, today’s action strikes directly at the critical arteries Iran relies on to sustain its economy and evade sanctions, ” the US Treasury said in a statement. The new sanctions target Iran’s two largest automakers, Iran Khodro (IKCO) and SAIPA, which serve the domestic market and export to regional trading partners. In total, seven automakers were sanctioned under Washington’s so-called “Operation Economic Outcast”, launched as part of its drive to cut off the Iranian government’s sources of revenue. Niroo Motor, Iran’s largest motorcycle manufacturer, was also sanctioned. The measures also targeted international partners of Iran’s auto sector, including Indonesia’s Golden Motorcycle Company and auto parts companies in the United Arab Emirates, Turkiye and Hong Kong. Key Iranian rail companies sanctioned include state-owned Islamic Republic of Iran Railway Company (RAI), Raja Passenger Trains Company and private freight carrier Sherkat-E Rah Ahan-E Khamle-O-Naghle. The sanctions also targeted major steel and manufacturing companies in Iran, including Heavy Equipment Production Company (HEPCO), described by the US Treasury as one of the Middle East’s largest manufacturers of mining and road construction machinery. Washington also sanctioned HEPCO’s Shanghai-based subsidiary, as well as companies in the United Arab Emirates and Germany accused of aiding Iranian steel companies. The new measures also targeted a steel and oil export network run by two Hong Kong-based Iranian-Dominican nationals.
US sanctions Iran’s major automakers, rail and metals firms
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