International

The US announces new sanctions against Iran for the attack on Israel

U.S. President Joe Biden announced new sanctions against Iran, directed against its Revolutionary Guard and the Ministry of Defense, for the attack on Israel.

Through a statement signed by the spokesman of the State Department, Matthew Miller, the US Government explained that it is also targeting the unmanned aerial vehicle program, the steel industry and the automobile companies of Iran.

“In response to Iran’s unprecedented attack on Israel, the United States is taking radical measures against several actors involved in Iran’s unmanned aerial vehicle program, suppliers and customers of one of Iran’s largest steel producers and Iranian automotive companies with connections to the United States,” the statement said.

The designated entities are the Islamic Revolutionary Guard Corps (IRGC) and the Ministry of Defense and Logistics of the Armed Forces (MODAFL).

In total, the Treasury Department imposes sanctions on 16 people and two entities that allow the production and testing of Iranian unmanned aerial vehicles, as well as the proliferation of actors working on behalf of the Islamic Revolutionary Guard, its unmanned aerial production division, Kimia Part Sivan Company, and other Iranian manufacturers of unmanned aerial vehicles and unmanned aerial vehicle engines.

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The Treasury also sanctions five companies that supply component materials for steel production to the Khuzestan Steel Company (KSC) of Iran, an entity sanctioned by the United States, or that buy finished steel products from the KSC.

In addition, the Treasury sanctions the Iranian car manufacturer Bahman Group and three of its subsidiaries, which have continued to materially support the IRGC and other sanctioned entities.

Finally, the Department of Commerce imposes new controls to restrict Iran’s access to technologies such as basic commercial-grade microelectronics.

“We will continue to work with our allies and partners to use the full range of tools at our disposal to address income flows and disrupt the networks that support Iran’s reckless proliferation of weapons that destabilize the Middle East and beyond,” Miller said.

U.S. Treasury Secretary Janet Yellen said last Tuesday that the United States and its partners were coordinating a new round of sanctions against Iran for the attack on Israel, the first launched by Tehran directly against Israeli territory.

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Several countries had previously designated the Revolutionary Guard, a branch of the Armed Forces of Iran created after the Islamic Revolution of 1979, as a terrorist group.

In 2019, the United States included the Revolutionary Guard on the blacklist of terrorist groups, while the Government of Canada already said in January of this year that it was studying ways to include the Revolutionary Guard on its list of terrorist organizations.

International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.