pc
nid 95509
Oct 01, 2026
pdonofrio@vixio.com
US Track 2
U.S. Department of the Treasury
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2135 charsUS Department of the Treasury Designates Iranian Automotive, Rail, Manufacturing, and Steel Entities Under Operation Economic Outcast
On October 1, 2026, the U.S. Department of the Treasury announced new sanctions targeting Iran's automotive, rail, manufacturing, and steel sectors as part of Operation Economic Outcast. The Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations pursuant to Executive Order (E.O.) 13902 and E.O. 13871, authorizing OFAC to sanction any entity or individual operating in Iran's automotive and rail sectors, as well as its iron, steel, aluminum, and copper sectors.
The Treasury designated multiple Iranian companies and their foreign suppliers. Iranian automotive entities designated include Iran Khodro Company (IKCO), SAIPA Iranian Automobile Manufacturing Company (SAIPA), and their subsidiaries, along with Niroo Motor Shiraz Industrial and Manufacturing Company, which uses prison labour. Foreign suppliers from Indonesia, the United Arab Emirates, Turkey, and Hong Kong were also designated for facilitating auto parts shipments. In the rail sector, the Islamic Republic of Iran Railway Company (RAI), Raja Passenger Trains Company, and Sherkat-E Rah Ahan-E Khamle-O-Naghle were designated. Additionally, Heavy Equipment Production Company (HEPCO) and its China-based subsidiary were sanctioned, along with steel producers and traders including entities in Germany and the UAE. The Treasury also designated Hong Kong-based businessman Ramin Keshvardoust and businesswoman Mehnoosh Poursaraf Hamedani for operating shadow banking networks facilitating tens of millions of dollars in Iranian steel and oil exports.
The designations block all U.S. property and interests of designated persons and prohibit U.S. persons from conducting transactions with them. Non-U.S. persons are prohibited from causing U.S. persons to violate sanctions. Foreign financial institutions engaging in significant transactions with designated persons risk secondary sanctions. Violations may result in civil or criminal penalties. Treasury Secretary Scott Bessent said the action "directly targets Iran's enablers and lays the groundwork for the United States and our partners to drain the regime's revenue once and for all."
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1526 charsUS Office of Foreign Assets Control Sanctions Iranian Industrial Firms
On October 1, 2026, the US Office of Foreign Assets Control (OFAC) announced new sanctions targeting Iran's automotive, rail, manufacturing and steel sectors as part of the US Department of the Treasury's broader "Operation Economic Outcast" campaign.
The Office of Foreign Assets Control (OFAC) issued the sectoral sanctions using a determination pursuant to Executive Order 13902 , as well as under the authority of Executive Order 13871 , authorizing it to sanction any individual or entity operating in certain Iranian industrial sectors.
Specifically, OFAC designated multiple Iranian companies and their foreign suppliers. Iranian automotive entities designated include Iran Khodro Company, SAIPA Iranian Automobile Manufacturing Company and Niroo Motor Shiraz Industrial and Manufacturing Company. Foreign suppliers from Indonesia, the United Arab Emirates (UAE), Turkey and Hong Kong were also designated for facilitating auto parts shipments. In the rail sector, the Islamic Republic of Iran Railway Company, Raja Passenger Trains Company and Sherkat-E Rah Ahan-E Khamle-O-Naghle were designated. Additionally, Heavy Equipment Production Company and its China-based subsidiary were sanctioned, along with steel producers and traders, including entities in Germany and the UAE.
As a result of the new designations, all US-based property and interests of these targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.