From the Liveblog of
Thursday, October 8, 2020
US imposes sweeping sanctions on Iran’s major banks
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.”
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
The Times of Israel Community.