US Slaps New Sanctions on Firms Aiding Iran's Middle East Proxies

The US Treasury Department has announced new sanctions on firms and individuals that are aiding Iran's proxies in the Middle East, including Hezbollah and Kata'ib Hezbollah. The latest sanctions are part of 'Operation Economic Outcast,' which aims to cut off Tehran's funding for war, missile construction, cyberattacks, and the Islamic Revolutionary Guard Corps (IRGC).

The targeted entities and individuals include those in Iraq, the United Arab Emirates, Lebanon, and Turkey that support Kata'ib Hezbollah, an Iraqi Shia paramilitary group under the command of the IRGC. The Treasury Department also announced a settlement with a US citizen who agreed to pay $1.43 million to settle potential civil liability for 39 apparent violations of sanctions on Iran.

Treasury Secretary Scott Bessent stated that 'Operation Economic Outcast is targeting those who continue to stand with the failing Iranian regime.' He added that whether they finance terror, launder money, or help Iran evade sanctions, the US will find them and cut them off from the US financial system. The new sanctions come as the Iran war continues, now in its seventh month.

According to a US official, Treasury's campaign is hitting Iran's economy hard, with loadings of Iranian oil down to about 0.2 million barrels per day over the past 30 days from 1.8 million barrels per day in January and February. Offloadings had dropped to 0.9 million barrels per day from 1.4 million barrels per day before the war.