The US is determined to choke off external funding to Iran because we want to prevent it from financing missile development, fomenting regional conflicts and funding terrorist networks.
Much of Iran’s money comes from metal exports, including $4.2bn from the sale of steel — a 53 per cent increase from 2017 — and a further $917m from copper and its downstream products. The country is on schedule to become a net exporter of aluminium by the end of the year.
That is why US President Donald Trump signed a tough new executive order last week, extending existing sanctions to include Iranian aluminium, copper, iron and steel. Without such sanctions, Iran’s steel export revenues will increase significantly.
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