Ten officials were hit with the sanctions, including Hezbollah Secretary-General Hassan Nasrallah and his deputy, Naim Qassem.
The US and Saudi-led Terrorist Financing and Targeting Center said the sanctions were aimed at Hezbollah's Shura Council, the powerful Lebanese group's decision-making body, led by its secretary general Hassan Nasrallah.
These countries also designated eight other Hezbollah-linked people and entities.
"The TFTC again demonstrated its great value to global security by disrupting Iran and Hezbollah's destabilizing influence in the region", said US Treasury Secretary Steve Mnuchin in a statement.
The United States and six Gulf Arab states announced sanctions Wednesday on the leadership of Hezbollah, as Washington seeks to step up economic pressure on Iran and its allies in the region.
Hezbollah was formed following the Israeli regime's invasion of Lebanon and the ensuing occupation of its southern parts in 1980s, and now constitutes Lebanon's de facto military power.
Sanctions imposed by the USA and Gulf countries against the leadership of the terrorist group "Hezbollah" are the "right step".
Hezbollah has seen its popularity sharply rise in recent years due to its successful counter-terrorism role, something that helped its political bloc make significant gains in Lebanon's parliamentary elections this month much to the dismay of the US, Israel and Saudi Arabia, which are angry at the group's victories against the terrorists they support in Syria. It is, however, the first time that the US Treasury has acted against Qassem, who is being listed for his ties to Hezbollah.
On Tuesday, the United States imposed sanctions on Iran's central bank governor and an Iraq-based bank for "moving millions of dollars" for Iran's Revolutionary Guard.
President Donald Trump's government pulled out of the Iran nuclear agreement on May 8th. The group shares financial intelligence to target terrorist financing networks.
The announcement followed two U.S. moves in the past week to put pressure on Iran's financial networks, including sanctions announced Tuesday that aimed at an alleged financial pipeline that moved "hundreds of millions of dollars" from Iran's central bank through an Iraqi bank to Hezbollah.
Last week, the U.S. Treasury imposed sanctions against six individuals and three companies it said were funneling millions of dollars to the Revolutionary Guard's external arm, Quds Force.