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US Treasury announces new Iran sanctions

Published: Updated:

The US Treasury has announced new sanctions on Iran on Tuesday, including sanctions on an Iranian tractor manufacturing company and a steel company among other firms.

The Treasury imposed sanctions on a multibillion-dollar financial network that supports an Iranian paramilitary force that recruits and trains child soldiers for the country's powerful Islamic Revolutionary Guard Corps (IRGC).

The Bonyad Taavon Basij network supports a volunteer paramilitary group, the Basij Resistance Force, which works with the IRGC, Treasury said in a statement.

“This vast network provides financial infrastructure to the Basij’s efforts to recruit, train, and indoctrinate child soldiers who are coerced into combat under the IRGC’s direction,” said Treasury Secretary Steven Mnuchin.

The sanctions also targeted Iran’s Bank Mellat for providing support to the Basij’s Mehr Eqtesad Bank.

The sanctions targeted firms owned or controlled by Mehr Eqtesad’s investment arm, including the tractor firm and zinc mines.

A senior US administration official also said that Iran has seen a “significant decrease” in oil exports since the US pulled out of the nuclear deal and began imposing sanctions.