U.S. and U.K. impose new sanctions on Iran over drone attack on Israel
US and UK impose new sanctions on Iran, targeting military industries, steel production, and entities supporting Iran's military activities and attacks.
In response to Iran's recent attack on Israel and concerns about the potential escalation of conflict in the Middle East, the United States and the United Kingdom have implemented a fresh wave of sanctions against Iran. The sanctions are aimed at degrading Iran's military industries and limiting its ability to destabilize the region.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) has targeted 16 individuals and two entities involved in producing engines for drones used in the attack on Israel. Additionally, OFAC has imposed sanctions on five firms engaged in steel production and three subsidiaries of the Iranian automaker Bahman Group, which is accused of materially supporting Iran's military and other sanctioned groups. The United Kingdom has also targeted several Iranian military branches and individuals associated with Iran's drone and ballistic missile industries. The U.S. Commerce Department is implementing new controls to restrict Iran's access to basic commercial grade microelectronics.
Statements from Leaders
President Joe Biden has affirmed the U.S.'s commitment to imposing sanctions that further degrade Iran's military industries. He emphasized that those who enable or support Iran's attacks will be held accountable. Similarly, U.K. Prime Minister Rishi Sunak stated that the sanctions will limit Iran's ability to destabilize the region.
International Involvement
European Union leaders have also pledged to intensify sanctions on Iran, specifically targeting its drone and missile deliveries to proxies in Gaza, Yemen, and Lebanon. EU foreign policy chief Josep Borrell stressed the need to strengthen and expand the existing EU sanctions regime to punish Iran and prevent future attacks on Israel. However, he also urged Israel to exercise restraint to prevent the situation from escalating further.
Effectiveness of Sanctions
While the U.S. has already sanctioned numerous entities and individuals in Iran, questions remain about the effectiveness of these measures in curbing Iran's production of military equipment. The U.S. has a history of efforts to limit Iran's income from oil and petroleum products, and additional strategies are being considered to further diminish Iran's ability to export oil.
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