U.S. expected to impose new sanctions on Iran's financial sector

U.S. expected to impose new sanctions on Iran's financial sector
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  • calendar-gray 08 October 2020

The Trump administration plans to impose sanctions as soon as Thursday on Iran’s financial sector to further choke off its economy from the outside world, according to people familiar with the matter, APA-Economics reports citing Washington Post.

The move would effectively leave Iran isolated from the global financial system, slashing the few remaining legal linkages it has and making it more dependent on informal or illicit trade. Earlier rounds of U.S. sanctions have crushed its economy by curbing oil sales and most other trade.

The administration has been weighing the move for weeks, Bloomberg News reported last month. Under the measures, the administration could blacklist as many as 14 banks in Iran that have so far escaped some U.S. restrictions, using authorities designed to punish entities associated with terrorism, ballistic-missile development and human-rights abuses.

 

Huseyn Veliyev

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