The US Treasury Department said it had imposed fresh sanctions on Iran’s financial sector starting on Thursday. The latest sanctions target 18 Iranian banks in a bid to further choke off the Islamic Republic’s revenues. The sanctions freeze US assets of the blacklisted banks prohibit Americans from doing business with them. The sanctions are also extended to those who do business with them, meaning that foreign financial institutions risk losing access to the US market and financial system.
The prohibition, however, does not include transactions on the sale of agricultural commodities, food, medicine, or medical devices, which are required for humanitarian aid. However, it is expected to further deter European and other foreign banks from working with Iran, even for permitted humanitarian transactions.
Iranian Foreign Minister Mohammad Javad Zarif accused Washington of curbing Iran’s ability to fulfil basic necessities during the coronavirus pandemic. Iranian Central Bank governor Abdolnaser Hemmati said the move was for Washington’s domestic propaganda and political purposes, rather than having any economic impact on Iran.
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Published on October 9, 2020 5:27 PM (GMT+8)Last Updated on October 9, 2020 5:27 PM (GMT+8)
