The new sanctions apply to iron, steel, aluminum, and copper operations, sales, and transport.
“The order takes steps to deny Iran revenue, including revenue derived from the export of products from Iran’s iron, steel, aluminum, and copper sectors, that may be used to provide funding and support for the proliferation of weapons of mass destruction, terrorist groups and networks, campaigns of regional aggression, and military expansion,” read a message from Trump to Congress about the new measures.
The industrial materials sector is Iran’s largest non-oil-related source of export revenue, accounting for 10 percent of its export economy, according to a statement from the White House.
Iran’s oil sector has been the main target in sanctions re-imposed by Washington after Trump pulled out of the nuclear accord on May 8, 2018. The United States is confident it can bring Iran’s oil exports to zero this year.
Trump pulled out of the nuclear deal, labelling Iran the world’s largest state sponsor of terror and demanding Tehran rein in its regional activities. A year on, Iran’s currency has lost over 60 percent of its value, factories have been closed, and unemployment has jumped.
“Because of our action, the Iranian regime is struggling to fund its campaign of violent terror, as its economy heads into an unprecedented depression, government revenue dries up, and inflation spirals out of control,” read a White House statement on May 8.
“Tehran can expect further actions unless it fundamentally alters its conduct,” the White House warned.
The Iranian government remains unbowed and there have been no mass anti-government protests.
On May 8, Iran’s Supreme National Security Council announced that President Hassan Rouhani had written to the remaining signatories of the nuclear deal – Russia, China, UK, France, and Germany – demanding they fulfill their promises to shore up Iran’s oil and banking sectors or, in 60 days Iran would begin some nuclear activities.
Iranian Foreign Minister Mohammad Javad Zarif said that Iran wants to stay committed to the nuclear accord, but all parties have to have a similar commitment.
“Our ultimate goal is to have the comprehensive plan of action implemented fully by all the parties," he said in Moscow after meeting with his Russian counterpart Sergei Lavrov.
