New Iranian Sanctions

US Treasury Targets Iranian Auto and Rail Sectors in Latest Sanctions

The US Treasury Department has sanctioned Iranian auto and rail industries in a new round of sanctions, part of its economic campaign against the Islamic Republic. The Office of Foreign Assets Control (OFAC) targeted the industries, which the administration sees as critical funding sources for the regime. The Treasury also targeted two state-owned firms: Islamic Republic of Iran Railway Company and the Raja Passenger Trains Company. The Iranian auto sector is an essential component of the country's defense industrial base, with Iran Khodro Company and SAIPA Iranian Automobile Manufacturing Company controlling more than 90 percent of the market. The latest sanctions also target foreign companies supplying auto and truck parts to Iran.

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