US imposes new sanctions on Iranian financial sector

Syed Umarullah HussainiWeb Editor

09th Oct, 2020. 10:35 am

The United States Government has imposed new sanctions on Iranian Banks that will effectively shut the country out of the global financial system.

The US Department of the Treasury announced it is tightening the noose against 18 major Iranian banks  16 of which were targeted for “operating in Iran’s financial sector”. One of the blacklisted banks, US Treasury said is affiliated with Iran’s military.

US Treasury Department in its statement said, “identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities.”

US Treasury Secretary Steven Mnuchin, in a statement, said “Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

Iran’s Reaction

Soon after the sanctions announced, Iranian Foreign Minister Javad Zarif tweeted:

“Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine. Iranians WILL survive this latest of cruelties. But conspiring to starve a population is a crime against humanity. Culprits & enablers—who block our money—WILL face justice.”


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