The mission of the Islamic Republic of Iran at the United Nations declared in response to the new US sanctions that this is part of the economic war that the US has unjustly waged against the Iranian people.

According to The Iran Project, "This is part of the economic war unjustly waged against the Iranian people by the United States. They have attacked, and we are defending ourselves accordingly. The outcome of this economic war will be determined by the strength of will, not by the capabilities of imposing sanctions," the Iranian mission said.

The Treasury announced sanctions on Tuesday, claiming that the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated nearly 50 entities and individuals as part of a “sprawling shadow banking network”. 

This network has been supported by the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL) and the Islamic Revolution Guards Corps (IRGC) for illegal access to the international financial system and transactions of billions of dollars since 2020, it claimed.

It further claimed that MODAFL and IRGC are involved in revenue-generating commercial activities, particularly through the sale of Iranian oil and petrochemicals.

Wally Adeyemo, the Deputy Secretary of the US Treasury, claimed that the US has taken action against an extensive clandestine banking system used by the Iranian military to launder billions of dollars in oil revenues and other illicit revenues.