The Trump administration joined six Persian Gulf nations on Wednesday in levying sanctions on over two dozen corporations, banks and entities that are connected to Iran’s support of Hezbollah and other organizations the U.S. government designates as terrorists.
In a statement, the Treasury Department announced the sanctions mark the “largest joint designation to date” by the Terrorist Financing Targeting Center (TFTC) — which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and the U.S.
The entities charged were all previously designated for acts supporting terrorists last year. The announcement comes as Treasury Secretary Steven Mnuchin continues economic development talks with allies in the Middle East.
“This action demonstrates the unified position of the Gulf nations and the United States that Iran will not be allowed to escalate its malign activity in the region,” said Mr. Mnuchin.
According to the Treasury Department, several of the companies sanctioned were financially supporting a subsidiary of the Iranian Revolutionary Guard Corps, which the U.S. designated as a terrorist organization earlier this year. The move comes in the wake of several months of mounting tensions between the U.S., Gulf nations, and Iran after Tehran seized oil tankers and allegedly launched drone strikes on a key Saudi oil facility.