US imposes sanctions on Iran today, May 18, 2024
United States has imposed new sanctions on Iran in response to Iran’s missile and drone attack on Israel on April 13, 2024. Here are the key details:
The U.S. announced a fresh set of sanctions targeting Iran’s drone and missile programs, as well as its steel industry and automotive companies tied to the Islamic Revolutionary Guard Corps (IRGC) and defense ministry. Specifically, the sanctions target:
- 16 individuals and 2 entities enabling Iran’s drone production, including engine types used in the April 13 attack on Israel
- 5 companies providing materials for steel production to Iran’s largest steel producer, Khuzestan Steel Company
- 3 subsidiaries of Iranian automaker Bahman Group for supporting the IRGC and other sanctioned entities
The U.S. said these sanctions are aimed at “degrading and disrupting key aspects of Iran’s malign activity, including its UAV program and the revenue the regime generates to support its terrorism.” The Treasury Department stated they will continue to deploy sanctions to counter Iran’s destabilizing behavior.
The U.K. also imposed sanctions on Iranian military organizations, individuals and entities involved in Iran’s drone and ballistic missile industries.
The new sanctions come as tensions escalate between Iran and Israel, with an Iranian IRGC official warning that Iran would attack Israeli nuclear sites and pursue a nuclear weapon if Israel attacks Iran’s nuclear facilities.
The Biden administration is coordinating with allies and partners to increase economic pressure on Iran following the attack on Israel. Additional sanctions and measures are expected from the U.S. and its allies in the coming days and weeks.
