Treasury Secretary Steven Mnuchin said the penalties targeted those who had funnelled millions of dollars to the group, funding its “malign activity”.

Iran’s central bank was also accused of helping the IRGC to access US dollars.

The Treasury Department did not name the sanctioned individuals, but said they were all Iranian.

The move – which was carried out in conjunction with the United Arab Emirates (UAE) – prohibits US individuals and entities from doing business with them.

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“The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire US dollars to fund the (IRGC’s) malign activities, including to fund and arm its regional proxy groups,” Mr Mnuchin said in a statement.

“We are intent on cutting off IRGC revenue streams wherever their source and whatever their destination,” he added.