Washington (AFP) – US Treasury Secretary Janet Yellen warned Tuesday of further sanctions targeting Iran following its unprecedented weekend attack on Israel, saying she expects Washington will take added action “in the coming days.”
US authorities have been using economic tools to counter Iran’s activities, taking aim at its drone and missile programs, as well as its financing of groups like Hamas.
But from the weekend’s attack to “the Huthi attacks in the Red Sea, Iran’s actions threaten the region’s stability and could cause economic spillovers,” Yellen warned at a press briefing.
“I fully expect that we will take additional sanctions action against Iran in the coming days,” she said as this week’s spring meetings of the International Monetary Fund and World Bank began in Washington.
The Treasury, Yellen said, will not hesitate to work with US allies to “use our sanctions authority to continue disrupting the Iranian regime’s malign and destabilizing activity.”
She added that “all options to disrupt terrorist financing” will be on the table.
Months of war between Israel and Palestinian militant group Hamas in Gaza have triggered violence in the region involving Iranian proxies and allies who say they act in support of Palestinians in the Gaza Strip.
But tensions have soared even higher with Tehran’s first direct assault on Israel, in retaliation for a deadly April 1 strike on Iran’s consulate in Damascus.
The attack has prompted appeals for deescalation by world leaders fearing wider conflict.
On Tuesday, Yellen stopped short of sharing details on specific actions while noting that Washington has been working to diminish Iran’s ability to export oil and adding there might be “more that we could do.”
The United States is looking to work with G7 partners and countries including China to constrain Iran’s ability to access goods needed to build weapons, a senior Treasury official told reporters.
“We’re going to have conversations with all major suppliers around the world,” the official said.
Yellen also outlined US priorities during the spring meetings, including deepening ties with allies and partners, and engaging with China on issues like risks from excess industrial capacity.
Later Tuesday, the Treasury chief convened a fourth meeting of the US-China financial and economic working groups, aimed in part at exchanging data to make headway on issues like excess industrial capacity.
In a separate briefing in Washington on Tuesday, Chinese embassy spokesman Liu Pengyu defended Beijing’s higher exports of products like electric vehicles as the result of “international division of labor and market demand.”
While agreeing on the value of sustainable finance, the US delegation still expressed concerns about China’s non-market practices and industrial overcapacity in the latest talks.
“Both sides agreed to further discuss these issues,” the Treasury department said.
– Russian assets –
With Russia’s invasion of Ukraine into its third year, Yellen added that the United States is working with global partners to “unlock the economic value of immobilized Russian sovereign assets and ensure that Russia pays for the damage it has caused.”
Asked about possible Russia retaliation, Yellen said she expects there are ways of managing risks, especially if the Group of Seven countries act together.
She urged the US House of Representatives to give the green light to further support for Ukraine, adding that the United States has in recent times unveiled sanctions targeting Russia as well since the war.
Looking ahead, Washington will also be pushing for “strong IMF programs that…enable countries to restore stability and exit from IMF lending,” Yellen said.
She also stressed the need for “decisive and coordinated action” on issues like climate change.
© 2024 AFP
