On Wednesday, the Biden administration implemented fresh sanctions aimed at disrupting the financial networks associated with Iran’s Revolutionary Guard Corps (IRGC) and the Lebanese militia group Hezbollah. The U.S. Treasury Department targeted one individual and three entities that play a crucial role in providing financial support to the IRGC-Quds Force, an arm of the Iranian Islamic Revolutionary Guard Corps. Simultaneously, the sanctions focused on the financial network of Hezbollah, which has been engaged in clashes with Israel along the Lebanon-Israel border, particularly since the commencement of the conflict between Israel and Hamas in Gaza last year.
Both the IRGC and Hezbollah hold the designation of foreign terrorist organizations according to the United States.
Brian E. Nelson, the Secretary of the Treasury for Terrorism and Financial Intelligence, emphasized the commitment to prevent the exploitation of the international trading system by these groups for funding destabilizing activities. He asserted that the U.S. would persist in taking action to expose and disrupt these illicit schemes.
The decision to impose sanctions comes amid escalating tensions between the U.S. and Iran following a recent drone attack in Jordan that resulted in the deaths of three American service members and injuries to several others. President Joe Biden attributed the attack to “radical Iran-backed militant groups operating in Syria and Iraq” and pledged retaliation, stating that the U.S. “shall respond” to the assault.
Iran’s Revolutionary Guard Corps chief, Hossein Salami, responded by stating that Tehran would retaliate against any threats from the U.S., asserting that previous threats had already been put to the test. The situation in the region remains volatile, with concerns that the ongoing violence could potentially escalate into a broader regional conflict. The specific sanctions announced on Wednesday targeted entities such as Mira Ihracat Ithalat Petrol, a Turkish firm trading Iranian goods, and Lebanese-based companies Yara Offshore SAL and Hydro Company for Drilling Equipment Rental, allegedly involved in supporting Iran’s Revolutionary Guard Corps.