Washington, Oct 26 (IANS): US President Donald Trump has signed new sanctions targeting the Iranian-funded militant group and political party Hezbollah, which is considered a terrorist organisation by Washington.

"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 on Thursday marking the 35th anniversary of the attack on US Marine barracks in Beirut.

The legislation, known as the Hezbollah International Financing Prevention Amendments Act, was sponsored by Senator Marco Rubio, a Florida Republican, reports CNN.

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.

White House press secretary Sarah Sanders said in a statement that the sanctions "will further isolate Hezbollah from the international financial system and reduce its funding".

"These sanctions will target foreign persons and government agencies that knowingly assist or support Hezbollah, and Hezbollah-affiliated networks that engage in drug trafficking or other transnational crime," she added.