Washington (CNN) President Donald Trump signed new sanctions on Thursday targeting the Iranian-funded militant group and political party known as Hezbollah, which is considered a terrorist organization by the United States.

"Over the past year we have levied the highest sanctions ever imposed on Hezbollah -- in a single year, by far. Just a few moments ago, I signed legislation imposing even more hard-hitting sanctions on Hezbollah to further starve them of their funds. And they are starving for them," Trump said during an event marking the 35th anniversary of the attack on US Marine barracks in Beirut.

The legislation, known as the Hizballah International Financing Prevention Amendments Act, was sponsored by Sen. Marco Rubio, a Florida Republican. The bill ramps up reporting requirements and places further financial and economic sanctions on the group.

"We will target, disrupt and dismantle their operational and financing efforts, of which they have plenty ... and we will never forget what they did to our Marines in Beirut," the President added.

The President used the attack, which was perpetrated by Hezbollah, to criticize Iran before announcing new sanctions on the group, saying "Iran was instrumental in founding Hezbollah" and remains "its main patron today."

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