US imposes sanctions on Iran's key steel companies in final weeks of Trump's presidency

United States Treasury Department on Tuesday imposed sanctions on Iran's key steel sector, which is one of major sources of income for Islamic Republic. sanctions come in final days of Trump ministration, which is scheduled to handover powers on January 20. Washington designated 12 Iranian producers of steel and or metal products, including a China-based supplier of graphite electrodes and three foreign-based sales nts of Iranian metals and mining holding company.

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" Trump ministration remains committed to denying revenue flowing to Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction," Secretary Steven T. Mnuchin said in a statement.

Sanctions key steel companies

Chinese company Kaifeng Pingmei New Carbon Materials Techlogy Co., Ltd. (KFCC), which has been sanctioned by Trump ministration, allegedly supplied thousands of metric tons of materials to several Iranian steel companies between December 2019 and June 2020. Treasury Department's Office of Foreign Assets Control (OFAC) also designated 12 Iranian steel companies, whose combined annual output capacity reaches millions of metric tons of steel product.

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United States alleges that se companies help generate millions of dollars in funds for "corrupt Iranian regime", which is seeking to develop weapons of mass destruction. This comes days after Iran anunced that it has started enriching uranium to up to 20 percent purity, way above threshold set under 2015 nuclear deal. Iran is allowed to enrich uranium with t more than 4% purity. Although enriching uranium with a 20% purity mark is a violation of deal, it is way below 90% purity level needed to produce nuclear weapons.  

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Trump ministration has imposed several sanctions targeting Iranian regime since 2018, ever since United States withdrew from Obama-era nuclear deal, also kwn as Joint Comprehensive Plan of Action (JCPOA). When Iran and or major powers of world, including US signed an agreement in 2015, it was agreed that Tehran would limit its uranium enrichment and, in return, ecomic sanctions against regime would be lifted. 

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