Iranian President Hassan Rouhani at a meeting in Tehran on December 26, 2020. AFP Photo / HO / Iranian Presidency
Iranian President Hassan Rouhani at a meeting in Tehran on December 26, 2020. AFP Photo / HO / Iranian Presidency
Iranian President Hassan Rouhani at a meeting in Tehran on December 26, 2020. AFP Photo / HO / Iranian Presidency
Iranian President Hassan Rouhani at a meeting in Tehran on December 26, 2020. AFP Photo / HO / Iranian Presidency

US imposes sanctions on 12 Iranian steel producers as Trump departure nears


Joyce Karam
  • English
  • Arabic

The US government imposed new sanctions on Iran on Tuesday, against 17 companies and one person linked to the country’s steel industry.

The sanctions, which come two weeks before US President Donald Trump leaves office, were announced by the Treasury’s Office of Foreign Assets Control.

They concern 12 Iranian producers of steel and other metal products, a China-based supplier of graphite electrodes and three sales agents of a major metals and mining holding company based abroad.

US Secretary of Treasury Steve Mnuchin said the sanctions aimed to cut revenue to the Iranian regime.

“The Trump administration remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes and seek weapons of mass destruction,” Mr Mnuchin said.

The Iranian steel industry accounts for 10 per cent of its export economy.

Those named in the order included the Chinese company Kaifeng Pingmei New Carbon Materials Technology, which the US accused of doing business with Iran in 2019 and 2020 in breach of sanctions.

The order said Kaifeng was designated "for having materially assisted, sponsored or provided financial, material or technological support for, or goods or services in support of, Iranian steel maker Pasargad Steel Complex".

The Treasury also designated 12 Iranian steel makers including Pasargad Steel Complex, Gilan Steel Complex, Middle East Mines and Mineral Industries Development Holding Company, Sirjan Iranian Steel and Zarand Iranian Steel.

The holding company encompasses 17 subsidiaries, including fully owned companies in Germany, China and the UK, it said.

Also designated are Iranian steel makers Khazar Steel, Vian Steel Complex, South Rouhina Steel Complex, Yazd Industrial Constructional Steel Rolling Mill, West Alborz Steel Complex, Esfarayen Industrial Complex and Bonab Steel Industry Complex.

The State Department imposed sanctions on Majid Sajdeh, a senior executive of Iran’s Hafez Darya Arya Shipping.

US Secretary of State Mike Pompeo said the regime in Iran uses revenue from its metals sector to fund destabilising activity around the world.

“The United States will continue to aggressively implement sanctions with respect to the Iranian regime, those who evade sanctions and others who enable the regime to fund and carry out its malign agenda of repression and terror,” Mr Pompeo said.

The incoming Biden administration has shown openness to returning to the nuclear deal signed between Tehran and world powers, from which Mr Trump withdrew in 2018.

That could bring sanctions relief to Iran in relation to its nuclear programme.

But Office of Foreign Assets Control measures against terrorism or human rights breaches will be harder to remove by the next administration.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

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THE SPECS

Engine: 3.5-litre supercharged V6

Power: 416hp at 7,000rpm

Torque: 410Nm at 3,500rpm

Transmission: 6-speed manual

Fuel consumption: 10.2 l/100km

Price: Dh375,000 

On sale: now 

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6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
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7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

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Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer)
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Price: From Dh330,000 (estimate)
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

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On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

UAE currency: the story behind the money in your pockets