On the anniversary of the US exit from the Iran nuclear agreement (8th May 2018), US President Trump has issued an executive order US sanctions against Iran put into effect. These relate to the mining and metal industries and apply with effect from 08.05.2019.

Sanctioned from now on is any business with Ministry of Finance designates persons working in the iron, steel, aluminum or copper sector of Iran involved in companies in these sectors or in business relations with these sectors. Even banks that finance such transactions are affected by the sanctions.

The wind-down period for processing existing transactions is 90 days.

The sanctions include i.a. the freezing of assets of the sanctioned persons in the USA.

origin: U.S. Department of the Treasury – Office of Foreign Assets Control (OFAC)