By Bosphorus News Economy Desk
The United States has sanctioned Istanbul-based Troy Trading Araç Parçaları Sanayi ve Ticaret Limited Şirketi, saying the auto parts supplier shipped truck components to an Iranian manufacturer whose vehicles have been used by Iran's armed forces and the Islamic Revolutionary Guard Corps (IRGC).
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added Troy Trading to the Specially Designated Nationals and Blocked Persons List on October 1 under Executive Order 13902 for operating in Iran's automotive sector.
Treasury said Troy sent truck parts to Bahman Diesel Co., a subsidiary of sanctioned Iranian automaker Bahman Group. Bahman Diesel produces heavy trucks and other work vehicles for the Iranian armed forces, including vehicles used in IRGC unmanned aerial vehicle and missile operations.
The designation does not say Troy supplied the IRGC directly, knew the final military use of the parts or supplied specific components for military vehicles. Treasury identifies Troy as a supplier to Bahman Diesel and separately links Bahman Diesel vehicles to Iranian military use.
Iran's automotive sector comes under sanctions
The Troy designation was part of a wider October 1 action covering Iran's automotive and rail industries. OFAC issued a new determination under Executive Order 13902 and sanctioned Iranian manufacturers, rail companies and foreign suppliers accused of supporting the two sectors.
Treasury describes Iran's automotive industry as the country's largest economic sector outside oil and gas and part of its defense industrial base. Companies in Indonesia, the United Arab Emirates and Hong Kong were also targeted.
OFAC records show Troy Trading was established in March 2019 and is registered in Avcılar, Istanbul.
The company's website says it trades vehicle spare parts and handles international import and export operations. Its products include plastic raw materials, batteries, wiring harnesses, multimedia systems and other automotive components. Troy also advertises transit trade, customs and logistics services.
Türkiye appears again in Operation Economic Outcast
The October action follows several U.S. sanctions cases involving Turkish companies and financial institutions with Iran exposure.
In August, Washington sanctioned four Istanbul-based companies over Iranian-origin petrochemical purchases.
On September 4, OFAC sanctioned Türkiye-based Golden Global Yatırım Bankası and two subsidiaries, alleging the bank helped move Iranian oil revenues and provided financial access connected to Iranian institutions and accounts associated with the IRGC-Quds Force. Golden Global denied the allegations.
Troy is the latest Turkish company named under Operation Economic Outcast, this time through the automotive supply chain rather than petrochemicals or banking.
The designation blocks property and interests in property subject to U.S. jurisdiction and generally prohibits U.S. persons from dealing with listed entities. Treasury said foreign financial institutions that knowingly conduct or facilitate certain significant transactions on behalf of designated persons may face secondary sanctions, including restrictions on U.S. correspondent or payable-through accounts.
Sources: U.S. Department of the Treasury, Office of Foreign Assets Control, Troy Trading, Bosphorus News review and reporting.