US President Donald Trump’s administration imposes sweeping sanctions on Iran’s banking sector, taking a major new step aimed at crippling the arch-rival’s economy weeks ahead of US elections.
The US Treasury Department says it is designating 18 major Iranian banks, a step that could largely cut off the nation of 80 million people from the world’s financial system as it tries to cope with the COVID-19 pandemic.
The Trump administration does not list specific accusations against most of the banks, instead declaring broadly that the entire Iranian financial sector may be used to support the government’s contested nuclear program and its “malign regional influence.”
US Treasury Secretary Steven Mnuchin at the White House, March 25, 2020. (AP Photo/Alex Brandon)
Treasury Secretary Steven Mnuchin says that the action will “stop illicit access to US dollars.”
“Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs,” he says in a statement.
— AFP
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you, David Horovitz, Founding Editor of The Times of Israel
From the Liveblog of
Thursday, October 8, 2020
Add ToI as a Preferred Source on Google
