Biden admin unveils new sanctions on Iran for "unprecedented" Israel attack

• The sanctions were coordinated with the United Kingdom, which is also targeting Iran's drone program, as well as its ballistic missile program, the Treasury Department said in a release.

What they are saying: "In consultation with partners and allies, we are taking swift and decisive action to respond to Iran's unprecedented attack on Israel," Treasury Secretary Janet Yellen said in the release.

• "We're using Treasury's economic tools to degrade and disrupt key aspects of Iran's malign activity, including its UAV program and the revenue the regime generates to support its terrorism," Yellen said.
• Yellen previewed the sanctions earlier this week, Axios first reported Tuesday.

In a statement, President Biden said the U.S. is "committed to acting collectively to increase economic pressure on Iran."

• "I've directed my team, including the Department of the Treasury, to continue to impose sanctions that further degrade Iran's military industries," Biden stated.
• He added that "our allies and partners have or will issue additional sanctions and measures to restrict Iran's destabilizing military programs."

Driving the news: The sanctions announced Thursday will target 16 individuals and two entities involved in Iran's drone production.

• Five companies that provide materials for "Iran's Khuzestan Steel Company (KSC)," will also be listed, according to the release.
• In addition, three subsidiaries of the Bahman Group, an Iranian automaker, will also be sanctioned

Zoom out: Israel considered conducting a retaliatory strike against Iran on Monday but decided to hold off, Axios' Barak Ravid reported.

• The U.S. is concerned that continued counterattacks could trigger wider regional escalation.

Between the lines: Biden has urged Israeli Prime Minister Benjamin Netanyahu to exercise military restraint.

Editor's note: This story was updated with a statement from President Biden.