Treasury Department Imposes New Sanctions on Iran

WASHINGTON — The U.S. Treasury Department imposed new sanctions on Iran on Thursday in response to its unprecedented drone and missile attack on Israel this past weekend.

The sanctions, which were imposed in coordination with the United Kingdom, target Iran’s drone, auto and steel industries. The U.K., meanwhile, is imposing its own sanctions on Iran’s drone and ballistic missile program.

“Less than a week ago, Iran launched one of the largest missile and drone attacks the world has ever seen against Israel,” President Joe Biden said in a written statement released by the White House.

“Together with our allies and partners, the United States defended Israel. We helped defeat this attack. And today, we are holding Iran accountable — imposing new sanctions and export controls on Iran,” he said.

“The sanctions target leaders and entities connected to the Islamic Revolutionary Guard Corps, Iran’s Defense Ministry, and the Iranian government’s missile and drone program that enabled this brazen assault,” Biden continued. 

“As I discussed with my fellow G7 leaders the morning after the attack, we are committed to acting collectively to increase economic pressure on Iran,” he said.

Since taking office, the Biden administration has sanctioned over 600 individuals and entities — including Iran and its proxies, Hamas, Hezbollah, the Houthis and Kataib Hezbollah. 

On Thursday, the president said the administration “will keep at it.” 

“I’ve directed my team, including the Department of the Treasury, to continue to impose sanctions that further degrade Iran’s military industries,” he said.

The sanctions imposed Thursday by the Treasury’s Office of Foreign Assets Control specifically target 16 individuals and two entities it says have enabled Iran’s production of lethal unmanned aerial vehicles.

All of them work on behalf of Iran’s Islamic Revolutionary Guard Corps-Qods Force, its UAV production arm, Kimia Part Sivan Company and other Iranian manufacturers of UAVs and UAV engines. 

The Office of Foreign Assets Control is also designating five companies in multiple jurisdictions providing component materials for steel production to Iran’s Khuzestan Steel Company, one of Iran’s largest steel producers. 

Iran’s metals sector generates the equivalent of several billion dollars in revenue annually, with the majority coming from steel exports. 

In addition, the Treasury Department is sanctioning three subsidiaries of Iranian automaker Bahman Group, which have continued to materially support the Islamic Revolutionary Guard and other entities designated pursuant to counterterrorism authorities.

“We’re using the Treasury’s economic tools to degrade and disrupt key aspects of Iran’s malign activity, including its UAV program and the revenue the regime generates to support its terrorism,” Treasury Secretary Janet Yellen said in a written statement.

At the same time, the Commerce Department’s Bureau of Industry and Security is also imposing new controls to restrict Iran’s access to technologies, such as basic commercial grade microelectronics. 

“Let it be clear to all those who enable or support Iran’s attacks: The United States is committed to Israel’s security,” Biden said. “We are committed to the security of our personnel and partners in the region. And we will not hesitate to take all necessary action to hold you accountable.”

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