In an effort to prevent a wider military confrontation in the Middle East, President Joe Biden proposed further economic sanctions against Iran on Thursday in reaction to the country’s missile attack on Israel.
The new set of sanctions is an attempt to deter Iran from making the attack-related drones. The Iranian military’s supply industries, including the steel and automotive sectors, are among their targets.
“One of the largest missile and drone attacks the world has ever seen against Israel” prompted the sanctions, according to Biden’s statement.
For the purpose of further degrading Iran’s military industry, “I’ve directed my team, including the Department of the Treasury to continue to impose sanctions,” Biden continued.
Together with the United States, the United Kingdom also sanctioned Iran with fresh measures. Regarding Iran’s destabilizing military programs, Biden stated that other countries’ “allies and partners have or will issue additional sanctions and measures.”
The United States Congress is currently discussing more financial penalties for Iran’s attack on Israel, and these sanctions come at the same time. Among the many sanctions measures approved this week by the Republican-led House was a bipartisan effort to cut off Iranian oil exports to China.
According to the Treasury Department, 16 individuals and 2 entities involved in Iran’s UAV production—including the makers of the engines used by the drones attacked Israel last weekend—are the targets of the most recent sanctions.
The Treasury Department claims that Iran’s steel industry produces billions of dollars annually for the nation; five companies that supply materials to this industry are also sanctioned.
To further limit Iran’s access to commercial-grade microelectronics, the Biden administration announced further export restrictions.
In response to “Iran’s unprecedented attack on Israel,” the government is “taking swift and decisive action,” according to Treasury Secretary Janet Yellen.
In a statement, Yellen explained that the United States is utilizing the economic powers of the Treasury to hinder and undermine important parts of Iran’s malicious actions, such as its unmanned aerial vehicle program and the money the government makes to fund its terrorism.
In response to Israel’s fatal airstrike on Iran’s consulate in Syria, Iran retaliated last weekend by launching over 300 missiles and drones against Israel. Most of the missiles and drones were shot down by Israel, the United States, and other countries, preventing extensive damage.
An Israeli counterattack against Iran is being considered. To prevent a regional arms race, world officials including the Biden administration are trying to persuade Israel to take a limited reaction.
