The United States has imposed new sanctions on 16 individuals and two entities connected to Iran’s drone program in response to Iran’s recent attack on Israel. The sanctions target executives of an engine manufacturer supplying drones to Iran, as well as companies servicing the engines and individuals involved in providing drones to Iranian proxy forces in the Middle East. Additionally, the US Treasury Department sanctioned five companies related to Iran’s steel industry and three subsidiaries of an Iranian automaker, with the aim of disrupting Iran’s missile and drone programs and isolating the country globally.
The imposition of these sanctions, which were coordinated with European allies, represents an attempt to counter Iran’s aggression and signal to Israel that military action may not be necessary to address the situation. President Joe Biden stressed the US commitment to Israel’s security and reiterated the willingness to hold Iran accountable for its actions. Treasury Secretary Janet Yellen emphasized the use of economic tools to degrade Iran’s malign activities, including its unmanned aerial vehicle program, and stated that further sanctions could be expected in the future.
Iran launched over 300 missiles and drones at Israel over the weekend in retaliation for an Israeli airstrike that killed senior Iranian military officials in Damascus. Most of the incoming fire was intercepted by Israel with the assistance of the United States and regional partners. Following the attack, Biden consulted with G7 leaders to condemn the incident and develop a diplomatic response, resulting in the implementation of new sanctions against Iran. The US and other countries have called for Israel to exercise restraint in order to prevent a wider regional conflict.
Despite the successful interception of the Iranian barrage, Israel has not announced its response to the attack. The country’s war cabinet has been meeting without disclosing any definitive actions. In a phone call with Israeli Prime Minister Benjamin Netanyahu, Biden assured that the US would not participate in offensive action against Iran and instead intended to impose economic sanctions as a form of punishment. These sanctions add to the existing stringent regime of US sanctions against Iran, which have been implemented to pressure the regime on various fronts, including human rights abuses and nuclear proliferation.
Treasury Secretary Yellen did not rule out additional sanctions on Iranian oil exports, a move that could potentially affect gas prices and anger China, a top buyer of Iranian oil. The US continues to seek ways to constrain Iranian activities and limit the regime’s ability to engage in destabilizing actions. The story has been updated with additional reactions to the new sanctions imposed on Iran.
