President Donald Trump announced that he is placing new sanctions on Iran in response to a recent attack on oil fields in Saudi Arabia. The latest sanctions were placed on Iran's national bank and have cut off funding to the regime. Trump said that as a result of the sanctions, Iran is now "broke."
"It's going to hell, doing poorly, they're practically broke -- they are broke," he said.
Treasury Secretary Steven Mnuchin explained that the new sanctions will make it harder for Iran to fund terrorist groups.
"Treasury's action targets a crucial funding mechanism that the Iranian regime uses to support its terrorist network, including the Qods Force, Hizballah, and other militants that spread terror and destabilize the region," Mnuchin said in a statement.
Tensions have been high in the Middle East after the Iranian-backed Yemeni Houthi rebels claimed responsibility for an attack on oil fields in Saudi Arabia. The United States has blamed Iran for the attack, charges which the country denies.
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