US to hit Iran with new sanctions in ‘coming days’, Yellen says

“We’re going to have conversations with all major suppliers around the world. That includes countries in the G7; that includes China. All of these countries have to play a role in constraining Iran’s ability to get access to the goods they are using to build weapons,” the official said.

In prepared remarks, Yellen said Iran’s attack on Israel last weekend and its financing of militant groups in Gaza, Lebanon, Yemen and Iraq threatened stability in the Middle East and could cause economic spillovers.

The United States is using financial sanctions to isolate Iran and disrupt its ability to fund proxy groups and support Russia’s war in Ukraine, Yellen said.

Treasury has targeted more than 500 individuals and entities connected to terrorism and terrorist financing by the Iranian regime and its proxies since the start of the Biden administration in January 2021, Yellen said.

That has included targeting Iran’s drone and missile programs and its financing of the Palestinian militant group Hamas, the Houthis in Yemen, Hezbollah in Lebanon, and Iraqi militia groups, she said.

“From this weekend’s attack to the Houthi attacks in the Red Sea, Iran’s actions threaten the region’s stability and could cause economic spillovers,” Yellen said, without giving details.