US set to hit all of Iran’s financial sector with sanctions

The Trump administration is poised to announce that it will blacklist Iran’s entire financial sector, dealing another blow to an economy that is already reeling under US sanctions. The move could deepen tensions with European nations over Iran.

Administration officials and congressional aides say the decision is expected on Thursday. The move is expected to hit 14 Iranian banks that have thus far escaped the re-imposition of US sanctions and, more importantly, subject foreign, non-Iranian financial institutions to penalties for doing business with them. Thus, it will effectively cut them off from the international financial system.

European nations have opposed the blanket financial services blacklisting because it will open up their biggest banks and other companies to US penalties for conducting business with Iran that had previously been allowed.

— AP