The United States and six of its Gulf allies on Oct. 30 announced sanctions on 25 entities linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and Lebanon-based Iranian terror proxy Hizbullah.
The sanctions were set by Riyadh-based Terrorist Financing Targeting Center (TFTC), a two-year-old group that includes Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates in addition to the United States, AFP reported.
“The TFTC’s coordinated disruption of the financial networks used by the Iranian regime to fund terrorism is a powerful demonstration of Gulf unity,” said U.S. Treasury Secretary Steven Mnuchin.
“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,” added Mnuchin, who addressed a business forum in Riyadh on Wednesday.
The Treasury Department said the companies targeted for sanctions are tied to the Basij Resistance Force, a subordinate group of the IRGC which is used “to oppress domestic opposition with brutal displays of violence” and supply fighters to regional conflicts.
Among those sanctioned was Iranian Bank Mellat and mining, manufacturing and investment firms that allegedly support the Basij, according to AFP.
Four of those listed were individuals running Hizbullah’s operations in Iraq, the Treasury Department said.
The move was welcomed by Israeli Foreign Minister Yisrael Katz who wrote on Twitter in Hebrew, “I applaud the decision by the U.S. and the Persian Gulf countries to impose further sanctions on Hizbullah and the Iranian Revolutionary Guards.”
“Just as it came up in my conversation with U.S. Treasury Secretary Steven Mnuchin, this is the right way to fight Iranian aggression,” Katz added.