▲ US Treasury Secretary Scott Bessent
The United States Department of the Treasury designated businesses and individuals in the Middle East as Specially Designated Nationals (SDNs) on September 10 (local time) for allegedly supporting Iranian proxy groups, including Iraqi Shia militias and Lebanon's Hezbollah.
According to the Treasury Department, those targeted by these secondary sanctions operate in Turkey, the United Arab Emirates, Iraq, and Lebanon, and have engaged in transactions with Iraq's Kata'ib Hezbollah and Lebanon's Hezbollah, which maintain close ties with Iran's Islamic Revolutionary Guard Corps.
The Treasury's Office of Foreign Assets Control (OFAC) stated that, with the exception of exceptional circumstances, it is denying license requests to trade with Iran, adding that the department is also immediately rejecting the overwhelming majority of pending Iran-related specific license requests.
US Treasury Secretary Scott Bessent warned in a statement that the "Maximum Economic Pressure Operation" targets those who continue to side with a failing Iranian regime. He vowed to hunt down individuals who fund terrorism, launder money, or assist Iran in evading sanctions, block them from the US financial system, and dismantle the networks keeping the Iranian regime afloat.
The Treasury added that a primary sanction was also imposed in which a US citizen agreed to a civil settlement of 1.43 million dollars (approx. 1.9 billion won) for committing 39 apparent violations of Iran-related sanctions.
A US official told Reuters that the economic pressure campaign targeting Iran has dealt a heavy blow to the Iranian economy, noting that due to maritime blockades, Iran's lifeline of crude oil shipments has plummeted from 1.8 million barrels per day before the war to 200,000 barrels over the past 30 days.
Commenting on the sanctions, Brett Erickson of the consulting firm Obsidian Risk Advisors pointed out, "This does not change the situation at all," adding that while it targets Hezbollah, it excludes the Houthi rebels in Yemen, who are causing major disruptions to energy markets.
(Photo: Getty Images)
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