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US, Gulf nations sanction Iran-linked entities over support for Hezbollah

US, Gulf nations sanction Iran-linked entities over support for Hezbollah

The United States and six gulf nations have agreed to sanction business and individuals they say support Iran's Revolutionary Guard and Hezbollah. 

The action to target the network of corporations, banks and individuals was done by the Terrorist Financing Targeting Center (TFTC) countries, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. 

Treasury Secretary Steven MnuchinSteven MnuchinOn The Money: Schumer urges Democrats to stick together on .9T bill | Collins rules out GOP support for Biden relief plan | Powell fights inflation fears Mnuchin expected to launch investment fund seeking backing from Persian Gulf region: report Larry Kudlow debuts to big ratings on Fox Business Network MORE said in a Wednesday statement that the move "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.”

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“We are proud to join forces with our TFTC partners to expose and condemn the Iranian regime’s gross and repeated violations of international norms, from attacking critical oil infrastructure in Saudi Arabia to fomenting strife in neighboring countries through regional proxies such as Hizballah," he added. "This coordinated action is a concrete step towards denying the Iranian regime the ability to undermine the stability of the region.”

Reuters reported that Mnuchin was in the Middle East to work on an economic development plan for Palestine, Jordan, Egypt and Lebanon.

The always strained U.S.-Iran relationship has only grown more fraught since President TrumpDonald TrumpSenators given no timeline on removal of National Guard, Capitol fence Democratic fury with GOP explodes in House Georgia secretary of state withholds support for 'reactionary' GOP voting bills MORE pulled the U.S. out of the Obama-era nuclear deal and reimplemented sanctions on Tehran. 

Earlier this year, tensions increased further after the U.S. designated the Revolutionary Guard a terrorist organization and Iran shot down a U.S. drone, nearly prompting a military response from Trump. 

The U.S. and Saudi Arabia have also blamed Iran for attacks on Saudi oil facilities, although Iran has denied involvement.