US sanctions Iran’s top automakers IKCO and SAIPA over sanctions evasion
- The US announced fresh sanctions on Iran's top automakers, IKCO and SAIPA, covering over 90% of its auto market, on Thursday.
- Sanctions also targeted Russia-linked A7 Network, accused of helping Iran evade restrictions via shadow banking.
- The move is part of Operation Economic Outcast, launched 24 August to cut Iran's global financial links.
- Treasury Secretary Scott Bessent said the campaign pushed Iran's rial to a record low of over 2.5 million per dollar.
Source: moneycontrol.com
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