US imposes new sanctions on Iran’s auto, rail and steel sectors

WASHINGTON, Oct 1: The United States on Thursday announced a new round of sanctions targeting Iran’s automotive, rail, manufacturing and steel sectors under its “Operation Economic Outcast” campaign.

The US Treasury Department said the measures include new sectoral sanctions determinations covering Iran’s automotive and rail industries, allowing Washington to impose sanctions on individuals and entities operating in those sectors.

Treasury designated Iran’s two largest automakers, Iran Khodro and SAIPA, along with several rail companies and foreign suppliers and facilitators based in the United Arab Emirates, Türkiye, Hong Kong, Indonesia, Germany and China.

US Treasury Secretary Scott Bessent said the measures are aimed at targeting what he described as Iran’s remaining revenue sources and industrial networks.

The sanctions generally block any US-linked assets held by designated individuals and entities and prohibit US persons from conducting transactions with them. Certain foreign financial institutions that engage in significant transactions with sanctioned parties may also face exposure to secondary US sanctions.