Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

In this list
Metals

US slaps sanctions on entities for Iranian steel transactions

Electricity | Electric Power | Energy Transition | Metals

Fleet vehicle electrification could be big US EV growth driver

Electric Power

Platts Forward Curves – Gas and Power

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Energy | Energy Transition | Natural Gas | Natural Gas (North American) | Oil | Crude Oil

CERAWEEK: US lawmakers dismiss oil leasing pause, tout energy independence

Metals

Rising EV-grade nickel demand fuels interest in risky HPAL process

US slaps sanctions on entities for Iranian steel transactions

Highlights

Sanctions involve multiple Iran-based shipping companies

Deals include grain-oriented electrical steel, other semi-finished products

Pittsburgh — The US State Department is sanctioning several entities and individuals for doing steel-related business involving the Islamic Republic of Iran Shipping Lines, its subsidiaries and other Iranian shipping entities, the department said Jan. 15.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

State is imposing sanctions on IRISL under the Iran Freedom and Counter-Proliferation Act for knowingly selling grain-oriented electrical steel to Hoopad Darya Shipping Agency Company, according to a statement.

Hoopad is included on the List of Specially Designated Nationals and Blocked Persons maintained by the Treasury Department's Office of Foreign Assets Control.

"The State Department is also imposing sanctions on Mohammad Reza Modarres Khiabani, CEO of IRISL, who has been determined to be a principal executive officer, or person performing similar functions and with similar authorities, of IRISL," the department added.

IRISL was previously sanctioned under Executive Order 13382 due to its status as the preferred shipping line for Iranian proliferators and procurement agents. IRISL is also included on the List of Specially Designated Nationals.

Among other companies based in Iran, the State Department said it is designating sanctions on Iran Transfo Company, Zangan Distribution Transformer Company, Mobarakeh Steel Company and IRISL subsidiary Sapid Shipping under IFCA.

Transfo and Zangan knowingly imported grain-oriented electrical steel to Hoopad, the department said.

Mobarakeh sold, supplied or transferred raw or semi-finished steel to Sapid. Additional sanctions are being imposed on Mobarakeh CEO Hamidreza Azimian in relation to the transaction, the department added. Both companies are on the List of Specially Designated Nationals.

The State Department is also designating China-based Jiangyin Mascot Special Steel and UAE-based Accenture Building Materials for sanctions under IFCA.

Jiangyin Mascot knowingly transferred grain-oriented electrical steel to Iran via IRISL.

Accenture knowingly sold, supplied or transferred raw or semi-finished steel to Sapid to Mobarakeh.

As a result of the sanctions, all property and interests in property of the designated companies that are in the US or in the possession or control of US persons must be blocked and reported to the Office of Foreign Assets Control.