US tightens economic sanctions on Iran, steel export volumes to drop further

The new round of sanctions imposed by the United States on November 5 is expected to cut Iranian steel exports further, gradually leading to lower Iranian steel output, market sources believe.

“Today’s action includes the designation of 50 Iranian banks and their foreign and domestic subsidiaries,” the US Treasury Department announced in its report on Monday, along with “the identification of more than 400 targets, including over 200 persons and vessels in Iran’s shipping and energy sectors.” Although the move is now largely directed at the country’s oil industry and banking system, it is still expected to aggravate the situation in the Iranian export steel market, which had already been struck by the previous set of sanctions imposed by US President Donald Trump’s administration in early August. “The Iranian market is almost closed now, and banking issues are not the biggest problem here,” a Middle East-based...

Published

Vlada Novokreshchenova

November 07, 2018

17:00 GMT

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