Treasury Secretary Janet Yellen of the United States issued a warning on Tuesday, stating that in response to Iran’s unprecedented attack on Israel, the United States plans to impose further sanctions in the coming days that may aim to limit Iran’s ability to export oil.
At a press conference held in conjunction with the World Bank and International Monetary Fund spring meetings in Washington, Yellen stated, “With respect to sanctions, I firmly expect that we will take more sanctions action against Iran in the coming days.”
“None of our sanctions tools are previewed. Yet, in the conversations I’ve had, every possibility to stop Iran from funding terrorists remains open, “Yellen continued.
She added that by reducing Iran’s capacity to export oil, the Treasury and State Department have already taken steps to rein in its “destabilizing” actions.
“Iran is obviously still exporting some oil. We might be able to accomplish more. I don’t want to give away too much about our real sanctions efforts, but that is still a topic we are considering.”
A senior Treasury official told reporters that the Treasury was trying to get China, the G7, and other major international suppliers involved in undermining Iran’s capacity to keep exporting oil and obtaining the microelectronics required for the drones it was selling to Russia and using to attack Israel.
According to the official, the primary cause of the increase in oil prices mainly by geopolitical uncertainty, not U.S. sanctions, and noted that past sanctions had not led to oil price increases.
“We intend to hold discussions with all of the world’s principal suppliers. China is one of the G7 members in this group. Each of these nations must contribute to limiting Iran’s access to the materials it needs to produce bombs “said the official.
Yellen said in prepared remarks that the Middle East’s security was in jeopardy because to Iran’s attack on Israel over the weekend and its funding of militant groups in Gaza, Lebanon, Yemen, and Iraq. She also said that these actions might have an impact on the economy.
US Treasury Secretary Janet Yellen has stated that the US is using financial sanctions to isolate Iran and disrupt its ability to fund proxy groups and support Russia’s war in Ukraine. Since January 2021, the Treasury has targeted over 500 individuals and entities connected to terrorism and terrorist financing by the Iranian regime and its proxies.
This includes targeting Iran’s drone and missile programs and financing of Palestinian militant groups Hamas, the Houthis in Yemen, Hezbollah in Lebanon, and Iraqi militia groups. Yellen emphasized that Iran’s actions threaten the region’s stability and could cause economic spillovers.
Iran launched over 300 drones and missiles against Israel, its first direct attack on the country, in retaliation for a suspected Israeli air strike on its embassy compound in Damascus. She called for urgent action to end Palestinian suffering in Gaza, stating that Gaza’s entire population faces acute food insecurity and most have been displaced.
(Reuters)
