U.S. Treasury Secretary Janet Yellen declared the intention to impose fresh sanctions on Iran following its unprecedented attack on Israel.
Speaking during the International Monetary Fund and World Bank spring meetings in Washington, Yellen affirmed the upcoming punitive measures while emphasizing the need to diminish Iran’s capacity to export oil.
Yellen refrained from providing specific details about the sanctions but emphasized the readiness to utilize various tools to disrupt Iran’s financing of terrorism.
She underscored the Treasury and State Department’s previous efforts to curb Iran’s destabilizing activities, particularly its oil exports.
A senior Treasury official revealed ongoing efforts to rally support from China, G7 partners, and other global suppliers to hinder Iran’s oil exports and impede its procurement of necessary microelectronics for drone production, some of which it sells to Russia.
Yellen highlighted the geopolitical instability caused by Iran’s recent attack on Israel and its support for militant groups across the Middle East.
She emphasized the United States’ commitment to employing financial sanctions to isolate Iran and disrupt its funding of proxy groups, including those involved in conflicts in Gaza, Lebanon, Yemen, and Iraq.
Since President Biden took office in January 2021, the Treasury has targeted over 500 individuals and entities linked to terrorism and terrorist financing associated with the Iranian regime and its proxies.
Yellen emphasized the significance of these efforts in addressing Iran’s drone and missile programs, as well as its support for groups like Hamas, Hezbollah, and the Houthis.
The Iranian attack on Israel, which involved over 300 drones and missiles, marked a significant escalation in tensions between the two nations.
Yellen stressed the urgency of alleviating the humanitarian crisis in Gaza, where over 33,000 Palestinians have been killed in the Israeli offensive against Hamas. She urged swift action to address the dire food insecurity and displacement faced by Gaza’s population.
