Treasury Department plans to impose new sanctions on Iran after Israel attack

U.S. Treasury Secretary Janet Yellen is preparing new sanctions on Iran after the country launched hundreds of drones and missiles at Israel on Saturday, according to NBC News.

“Treasury will not hesitate to work with our allies to use our sanctions authority to continue disrupting the Iranian regime’s malign and destabilizing activity,” Yellen said in remarks Tuesday at the International Monetary Fund and World Bank’s Spring Meetings. “The attack by Iran and its proxies underscores the importance of Treasury’s work to use our economic tools to counter Iran’s malign activity.”

Yellen’s comments come as Israel’s war cabinet is weighing how to respond to the attack, which Iran launched in retaliation for an Israeli strike on an Iranian consulate in Syria earlier this month. Israel said it intercepted 99% of the more than 300 projectiles from Iran.

The U.S. has imposed hundreds of sanctions on Iran and its proxies in recent years for their connections to terrorism and for the country’s missile program.

“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.

This is a developing story. Check back for updates.