The U.S. Treasury Department announced on Tuesday that it has added 10 entities and individuals to its sanctions list, accusing them of procuring weapons and components for Iran's military. These entities and individuals are located in China, Pakistan, Turkey, Iran, and Saudi Arabia, and include Hong Kong-based EC Mojo Technology Co Ltd and its representative Li Fen, as well as Saudi Arabia's Cavalier Dynamics for Technologies Company.

The Treasury Department stated that this action aims to further weaken the Iranian regime's ability to rebuild its weapons program and increase the cost for those assisting Tehran's military procurement. These sanctions are part of "Operation Economic Outcast," an initiative designed to restrict Iran's access to global markets. Iran has been in conflict with the U.S. and Israel since the two countries launched attacks on Iranian leadership and military targets on February 28. U.S. Treasury Secretary Scott Bessent announced this operation in August, and President Donald Trump had warned that any country trading with Iran would face "massive" consequences. Following the sanctions announcement, the Iranian rial fell to a record low against the U.S. dollar.