Washington: The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting 32 individuals and entities based in Iran, the United Arab Emirates (UAE), Trkiye, China, Hong Kong, India, Germany, and Ukraine that operate multiple procurement networks supporting Iran’s ballistic missile and unmanned aerial vehicle (UAV) production.

According to Islamic Republic News Agency, the Treasury said in a statement on its website that the action is being taken in furtherance of National Security Presidential Memorandum 2. This memorandum directs the U.S. government to curtail Iran’s ballistic missile program and counter the development of other asymmetric and conventional weapons capabilities.

Iran has shown resilience to these sanctions. Recently, the Tanker Trackers company announced that Iran’s exports of crude oil to China had reached a new record high, despite the Trump administration’s intensified campaign against the Iranian economy.