The US government has announced a new round of economic sanctions against 17 metal producers and mining companies from Iran and a network of Chinese companies involved in the purchase, sale and transfer of Iranian metal products, amid the escalating conflict between the US and Iran.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) claims that Iran’s metals industries generate large amount of capital for the Iranian regime and contributes to the country’s nuclear weapons development, and it will work to add further sanctions against persons operating in or transacting with other sectors of the Iranian economy, including construction, mining, manufacturing and textiles.
As part of the sanctions, OFAC has also blacklisted Chinese trading company Pamchel Trading Beijing for allegedly buying metal products from Iran’s Esfahan Mobarakeh Steel, and Chinese shipping company Hongyuan Marine and its 32,200 dwt handy bulker Hong Xun for transporting steel slabs for Esfahan Mobarakeh from Iran to China.
“These sanctions will continue until the regime stops the funding of global terrorism and commits to never having nuclear weapons,” said Steven Mnuchin, US Treasury Secretary said in a statement.
VesselsValue shows Hongyuan Marine owns a fleet of 12 ships comprised of 10 bulkers, one containership and one reefer.