The U.S. Department of the Treasury’s Office of Foreign Assets Control issued two sectoral determinations authorizing sanctions against individuals and entities operating in Iran’s automotive and rail sectors. It concurrently designated 30 individuals and entities across Iran’s automotive, rail, manufacturing, steel and financial networks as part of Operation Economic Outcast, extending the action to foreign suppliers, facilitators and companies involved in procurement, exports and payment flows. The designations cover seven Iranian automotive companies, including Iran Khodro Company and SAIPA Iranian Automobile Manufacturing Company, which together represent more than 90 percent of Iran’s domestic automobile market. Five overseas automotive suppliers and three Iranian rail operators were also targeted. Further measures cover heavy equipment manufacturers and foreign companies supporting Iran’s steel industry, as well as a network accused of facilitating tens of millions of dollars in Iranian steel and oil shipments and laundering transactions through Iran’s shadow banking system. Property and interests in property of designated persons within the United States or under the possession or control of U.S. persons are blocked and must be reported. Entities owned 50 percent or more by blocked persons are also blocked, while foreign financial institutions may face secondary sanctions for knowingly conducting or facilitating significant transactions on behalf of designated persons.

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