The Federal government announced sanctions last week against a quartet of Iranian firms it accuses of supporting terrorism around the world.
On Thursday the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) also named three other countries as under sanction, three of which are based in the United Arab Emirates and the fourth in Germany. These three and one more Iranian-based company named last week are accused of operating under the control of Iran’s biggest steel manufacturer. OFAC says the steel company is itself under designation due to its ties to another sanctioned Iranian entity which is, in turn, owned by yet another Iranian company under sanction by OFAC for allegedly supporting terrorism.
OFAC indicates that the Iranian steel company in question is also under sanction from a decision earlier this year due to its operation in the Iranian steel sector and also by the Terrorist Financing Target Center, which handed down its sanctions last fall.
Federal officials say the entities sanctioned last week have combined to generate tens of millions of dollars in support for Iranian terrorism through the sale of steel, making it part of the billions of dollars raised annually by the Iranian metals sector via overseas sales.
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