U.S. Plans New Sanctions on Iran Following Attack on Israel

U.S. Plans New Sanctions on Iran Following Attack on Israel

The United States has announced plans to impose new sanctions on Iran in response to an unprecedented attack on Israel. U.S. Treasury Secretary Janet Yellen stated that these sanctions, which might target Iran's ability to export oil, will be implemented within days. Congressional Republicans are also considering legislative measures related to Iran.

Current U.S. sanctions on Iran are already extensive, prohibiting most U.S. trade with Iran, freezing Iranian government assets in the U.S., and restricting foreign assistance and arms sales. These measures aim to pressure Iran on issues such as its nuclear program, human rights record, and support for groups considered terrorist by the U.S.

Possible future actions by the U.S. include further targeting of Iranian oil exports, cracking down on Iranian front companies and financiers, and seeking multilateral sanctions with European and other allies.

Additionally, Congress is considering bills to enhance existing sanctions, such as tightening export restrictions and increasing oversight of sanctions waivers. The House recently passed the Iran-China Energy Sanctions Act, aimed at expanding sanctions on Iran and scrutinizing Chinese financial involvement in Iranian oil transactions.

The overall objective is to escalate pressure on Iran, although the fate of specific legislative actions remains uncertain in the Senate and would require approval from President Biden. The U.S. has already imposed numerous sanctions on Iranian entities, including those involved in nuclear activities, energy, defense, and banking sectors, as well as individuals associated with Iran's government and military.

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