- New Iran Sanctions: Trump Threatens Anyone Trading Aluminum, Iron, Steel & Copper
The US has imposed sweeping new sanctions on anyone who trades with Iran in iron, steel, copper, aluminum and related products, escalating the economic blockade of Tehran as the nuclear deal continues to unravel.
An executive order signed by US President Donald Trump on Wednesday says the property of anyone who owns or operates or engages in “significant” transactions with Iran’s metals sector will be seized by the US under sanctions laws. Likewise, anyone accused of materially assisting, sponsoring or supporting anyone who is sanctioned will have their property blocked as well.
The blocked property “may not be transferred, paid, exported, withdrawn, or otherwise dealt in,”says the executive order. The sanctions apply to property inside the US, or in possession or control of any US person. The Treasury Department announced it would allow a 90-day “wind-down” period for any transactions related to Iran’s metal sector.