US imposes sanctions on Iran's automakers, rail, manufacturing firms

Washington: The United States on Thursday imposed a fresh round of sanctions on Iran, targeting the country’s largest automobile manufacturers along with major companies in the rail, manufacturing and metals sectors as Washington intensifies its pressure campaign against Tehran.

The US Treasury said the latest measures were aimed at sectors that remain important sources of revenue and logistical capacity for the Iranian government, particularly the railway and automobile industries, AFP reported.

The sanctions include Iran’s two biggest carmakers, Iran Khodro (IKCO) and SAIPA, which cater to the domestic market as well as export vehicles to regional markets. In all, seven automobile companies were placed under sanctions as part of Washington’s so-called “Operation Economic Outcast”, which seeks to restrict Iranian government revenue.

Niroo Motor, identified as Iran’s largest motorcycle manufacturer, was also included in the latest action. Several foreign companies linked to Iran’s automotive industry were targeted as well, including Indonesia-based Golden Motorcycle Company and auto-parts firms operating in the UAE, Turkey and Hong Kong.

The US measures also covered key Iranian railway companies, including the state-owned Islamic Republic of Iran Railway Company, Raja Passenger Trains Company and private freight operator Sherkat-E Rah Ahan-E Khamle-O-Naghle.

Major Iranian steel and manufacturing companies were also sanctioned. Among them was Heavy Equipment Production Company (HEPCO), which the US Treasury described as one of the Middle East’s major producers of mining and road-construction equipment. Its Shanghai-based subsidiary was also targeted.

Washington additionally imposed sanctions on companies in the UAE and Germany that it accused of supporting Iranian steel producers.

The latest measures also targeted an alleged steel and oil export network operated by two Hong Kong-based individuals holding Iranian and Dominican nationalities, according to the US Treasury.