Iran Targeted With Sanctions, Export Controls After Attack on Israel

from The Wall Street Journal,

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.

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.

The U.S. has in the last three years targeted more than 600 individuals and entities connected to Iran’s terrorist activity, human-rights abuses and its financing of proxy fighters in the Middle East, Yellen said. The U.S. said it also wants to disrupt Iran’s provision of drones to Russia, which has deployed the weapons against Ukraine. The export controls package expands the list of proscribed items to include technologies such as basic microelectronics, said the Commerce Department, which administers the controls. The measures also block Iran from obtaining certain items manufactured outside the U.S. with U.S. technology.

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