Iran targeted with sanctions, export controls after attack on Israel
The U.S. has hit Iran with a new wave of sanctions and export controls in response to the country’s recent air attack on Israel, a move aimed at grounding Iran’s drone program and pinching its national revenue. The U.S.
Treasury and Commerce Departments on Thursday announced a package of financial sanctions that targets a number of companies and individuals, both inside and outside Iran, alongside controls on low-level technology that could be employed in drone manufacture. The move comes five days after Iran launched hundreds of drones and missiles at Israel. The swarm, though large, was mostly repelled by a joint effort from Israel, the U.S.
and a half dozen other countries. Following the attack, President Biden has urged Israel to use caution and has pushed to de-escalate tensions. Thursday’s measures, which were joined by sanctions from the U.K., are intended to disrupt the network behind the manufacture of the drones in Iran.
In addition to directly targeting companies involved in drone production, the sanctions take aim at businesses involved in Iran’s manufacture of steel, a key revenue source for the country. Among those sanctioned are several that supply one of Iran’s largest steel producers, Khouzestan Steel, or buy its finished products, including companies based in Turkey, Germany, Hong Kong and Dubai. Khouzestan Steel didn’t respond to a request for comment.
“We are taking swift and decisive action to respond to Iran’s unprecedented attack on Israel," Treasury Secretary Janet Yellen said. The Group of Seven leaders recently discussed the possibility of new sanctions against Iran. The U.S.
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