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The decision on Wednesday comes as part of the seven member nations of the Terrorist Financing and Targeting Center (TFTC) which Saudi Arabia co-chairs.

The deputy chief of Hezbollah, Sheik Naim Qassem, casts his ballot during Lebanon's parliamentary elections in Beirut, Lebanon, May 6, 2018.

The United States and six Gulf Arab states announced sanctions on Thursday on the leadership of Hizbullah, as Washington seeks to step up economic pressure on Iran and its allies in the region.

In a related move, Saudi Arabia, along with 5 Gulf nations including Kuwait, banned on Wednesday financial transactions with Lebanon's Hezbollah leader Sayyed Hassan Nasrallah.

In addition, TFTC Member States also designated the following key Hezbollah-affiliated individuals and entities: Talal Hamiyah, Ali Youssef Charara, Spectrum Group, Hasan Ebrahimi, Maher Trading, Hashem Safieddine, Adham Tabaja, Al-Inmaa Group, and Al-Inmaa Engineering and Contracting, all of whom were previously designated by the US.

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The sanctions target "Hezbollah's" Shura Council, the party's primary decision-making body.

The statement published on the Treasury's website claimed Hezbollah is prolonging the situation in Iraq, Syria and Yemen "under the dictates" of Iran's Revolution Guard Corps (IRGC), "putting the Lebanese state and the Lebanese people at risk, and destabilizing the entire region". Despite being targeted by Hezbollah in the past, Kuwait was not involved in sanctioning Nasrallah.

The European Union has viewed Hezbollah's armed wing as a terrorist organization since 2013. As the Secretary General and head of the Shura Council, Nasrallah is Hezbollah's highest-ranking official and exercises direct command over Hezbollah's military and security apparatus as its supreme commander, including its involvement in the war in Syria.

Besides Hezbollah and Russia, Iran has also been providing military advisory support to the Syrian army in its battles against foreign-backed terror groups.

In related news, French energy giant, Total, announced that it was pulling out of a deal to help Iran develop the South Pars gas field unless it "is granted a specific project waiver by US authorities with the support of the French and European authorities", due to fears of being sanctioned by the U.S.