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Bloomberg -- The sanctions freeze any U.S. assets of the Iranian military and anyone who does business with it, putting pressure on foreign companies to cut economic ties with Iran.

The U.S. financial freeze targets Bank Melli, Iran's largest bank; Bank Mellat; nine companies that the U.S. said are tied to the Iranian military and its leaders; and eight individuals, including General Hosein Slimi, whom the U.S. described as the commander of Iran's air force.

The Revolutionary Guard Corps controls an engineering and construction firm called Khatam-al-Anbia. That firm has been awarded contracts to develop parts of the South Pars natural gas field, the second-largest such field in the world. The company also won a contract to build a pipeline to Pakistan.

Rice said no U.S. citizen or private entity would be allowed to engage in financial transactions with these groups or with the banks or other persons designated today.
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