US announces new sanctions on Iran after missile strikes

WASHINGTON - The Trump administration on Friday announced a new wave of sanctions on Iran following this week's missile strikes by the Islamic Republic on U.S. bases in Iraq.

Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin said the new sanctions will target eight senior Iranian officials involved in “destabilizing” activities in the Middle East as well as Tuesday's missile strike, which came in retaliation for the U.S. killing of a senior Iranian general in a drone strike.

Mnuchin said President Donald Trump will issue an executive order imposing sanctions on anyone involved in the Iranian textile, construction, manufacturing or mining sectors. They will also impose separate sanctions against the steel and iron sectors.

U.S. Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announce new sanctions on Iran at the White House in Washington, D.C. on Jan. 10, 2020. (Photo by NICHOLAS KAMM/AFP via Getty Images)

“As a result of these actions we will cut off billions of dollars of support to the Iranian regime,” the treasury secretary said.

The administration has already reinstated all the U.S. sanctions that were eased under the 2015 nuclear deal, which has caused significant economic hardship in Iran and cut its oil exports to historic lows.

Iran this week launched the strikes in retaliation for the U.S. drone strike that killed Revolutionary Guard Gen. Qassem Soleimani, the country's most powerful commander, in Baghdad last week.