OFAC Targets Iran's Automotive, Rail, Steel and Manufacturing Sectors, Sanctioning 2 Individuals and 28 Entities

OFAC imposed blocking sanctions on two individuals (one in China, one in Hong Kong) and 28 entities (12 in Iran, seven in Hong Kong, three in China, three in the UAE, and one each in Indonesia, Türkiye and Germany) under its Iran sanctions program. OFAC also published a determination, effective 1 October 2026, applying E.O. 13902 to the automotive and rail sectors of the Iranian economy, and updated FAQ 831 on the sector definitions. The E.O. 13902 designations cover: the automotive sector (Iran's two largest carmakers, their subsidiaries, two motorcycle makers and five foreign parts suppliers) the rail sector (three operators) the manufacturing sector (a mining and construction machinery maker and its China-based subsidiary) the financial sector (five Hong Kong shell companies used for shadow banking) The E.O. 13871 designations target Iran's iron, steel, aluminum and copper sector. They cover a Hong Kong-based Iranian businessman's steel and oil export network (him, a co-shareholder and three steel companies in China and Iran) and three steel suppliers and payment recipients in the UAE and Germany.