Trump Announces Sanctions on Iran Metal Sectors
The Trump administration on May 8 announced an executive order placing sanctions on Iran’s iron, steel, aluminum and copper sectors in what it said are the country’s “largest non-petroleum-related sources of export revenue."
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In a statement, President Donald Trump said Iran “can expect further actions unless it fundamentally alters its conduct.” He referenced previous sanctions against Iran, including those imposed on the Islamic Revolutionary Guard Corps in April (see 1904080037). “Today’s action targets Iran’s revenue from the export of industrial metals -- 10 percent of its export economy -- and puts other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated,” Trump said.
After the announcement, the Treasury’s Office of Foreign Assets Control published a new set of frequently asked questions relating to the order and a six-page policy document describing the sanctions. The executive order allows the Treasury secretary and the secretary of state to "impose correspondent and payable-through account-related sanctions on a foreign financial institution" that violated the sanctions, according to a White House press release.
The announcement came the same day that Iran said it would be suspending some of its commitments under the Joint Comprehensive Plan of Action because of the U.S.’s 2018 withdrawal from the deal and because nothing has been done by members of the deal to “compensate for US sanctions.” The White House said in a statement that the administration "will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behavior and return to the negotiating table."