New Executive Order targets Iran metals industry

A new Executive Order has been issued, imposing sanctions with respect to the iron, steel, aluminum and copper sectors of Iran.  The order, which became effective upon signing, provides for a 90-day wind-down period, and expands upon existing sanctions issued pursuant to the Iran Freedom and Counter-Proliferation Act of 2012 addressing the sale, transfer or supply of certain raw and semi-finished materials.   The new Executive Order blocks property interests in the US or controlled by US persons found to be operating in or materially supporting the iron, steel, aluminum or copper sector of Iran, and allows the Secretary of the Treasury, in consultation with the Secretary of State, to impose sanctions on foreign financial institutions found to have engaged in transactions described in the Order.

OFAC press release | Executive Order