The US Treasury Department issued new sanctions targeting the automotive and rail sectors of Iran’s economy on Thursday, as Washington continues its economic pressure campaign against Tehran.
Among entities added to the Office of Foreign Assets Control’s Specially Designated Nationals List as part of the new sanctions is the Islamic Republic of Iran Railway Company.
The sanctions are part of the department's "Operation Economic Outcast," announced August 24, which aims to cut Tehran's funding for the war, missile construction, cyberattacks, and the Islamic Revolutionary Guard Corps.
Washington's Iran sanctions aim to force negotiated end to war
The program aims to force Tehran to negotiate an end to the war.
The sanctions designate Iran Khodro Company, or IKCO, and SAIPA Iranian Automobile Manufacturing Company, or SAIPA. Treasury said the two companies represent more than 90% of Iran's domestic auto market.
Treasury also designated the state-owned Islamic Republic of Iran Railway Company, which provides passenger and freight services, the Raja Passenger Trains Company, and Sherkat-E Rah Ahan-E Khamle-O-Naghle, also known as the Railway Transportation Company, which it said is a top private freight line.
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."