The US has targeted people and firms around the globe that it has accused of being financial facilitators or enablers of Iran’s military supply chain, as Washington pushes forward with economic warfare against Tehran at a time when renewed diplomacy between the two countries remains uncertain.
The latest action by the Treasury Department on Tuesday is part of the administration's “Operation Economic Outcast” campaign, which is aimed at severing “critical financial lifelines” for the already heavily sanctioned Iranian government.
“Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers," Treasury Secretary Scott Bessent said in a statement.
Ten individuals and entities based in Iran, Hong Kong and Pakistan were sanctioned for allegedly procuring weapons and weapon components for Iran's defence ministry as it fights its now seven-month war against the US.
More pressure on Iran
US officials have said they want to disrupt Iran's defence systems and further degrade the government's ability to reconstitute its weapons programme.
The aim of the latest sanctions includes increasing the costs for the people and companies that have assisted Iran's military procurement efforts.
In 2024, the Biden administration also targeted entities that supported Iran’s Ministry of Defence and Armed Forces Logistics in their production and proliferation of missiles and drones.
The latest financial penalties come as Iran’s currency fell to a record low Tuesday, with traders in Tehran exchanging more than 2.5 million rials to the US dollar.
The rial has steadily declined since the war began on February 28, hitting its previous record low of 2.2 million to the dollar on September 2.
While the Iranian economy has been under duress for years in the face of international sanctions, this year's US naval blockade on Iranian oil and new sanctions imposed since the start of the war have sent it into unprecedented freefall.
