WASHINGTON — In response to Iran's recent attack on Israel, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting various individuals and entities connected to Iran's UAV program, steel industry, and automobile companies.
The actions taken by OFAC aim to disrupt Iran's activities and revenue streams that support terrorism. Secretary of the Treasury, Janet L. Yellen, emphasized the importance of these sanctions, stating, "We are taking swift and decisive action to respond to Iran's unprecedented attack on Israel."
The sanctions target individuals and entities involved in Iran's UAV engine production and procurement, including those working with Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Additionally, the sanctions extend to companies providing component materials for steel production to Iran's Khuzestan Steel Company (KSC) and subsidiaries of Iranian automaker Bahman Group that support entities designated for terrorist activities.
Yellen further stated, "We will continue to deploy our sanctions authority to counter Iran with further actions in the days and weeks ahead." These measures are being implemented under various Executive Orders, including counterproliferation and counterterrorism authorities.
Moreover, the Department of Commerce's Bureau of Industry and Security (BIS) is imposing new controls to restrict Iran's access to certain technologies, including basic commercial grade microelectronics, to further limit Iran's involvement in supporting illicit activities.
The sanctions also target entities assisting KSC in sourcing parts and materials for steel production and facilitating steel exports. The designated individuals and companies are now subject to restrictions, and any property or interests in the U.S. controlled by them must be reported to OFAC.
The ultimate goal of these sanctions is to bring about a positive change in behavior and deter Iran's destabilizing activities. The Treasury Department, in collaboration with international partners, is committed to enforcing these measures to counter Iran's malign behavior effectively.
