Treasury Department Fact Sheet on the Designation of Iran's Revolutionary Guards as a Terrorist Group

The Treasury and State Departments announced stringent new sanctions measures against Iran, including the long-awaited designations of its Islamic Revolutionary Guard Corps (IRGC) as a proliferator of weapons of mass destruction and of the elite Quds Force as a supporter of terrorism. The Revolutionary Guard "is so deeply entrenched in Iran's economy, that it is increasingly likely that if you are doing business with Iran you are doing business with the IRGC," Treasury Secretary Henry Paulson said. Secretary of State Condoleezza Rice added that the new sanctions will protect the international financial system and provide a "powerful deterrent" to any bank that does or is considering doing business with Iran.