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U.S. expected to impose new sanctions on Iran’s financial sector: source

U.S. expected to impose new sanctions on Iran’s financial sector: source



a person wearing a costume: FILE PHOTO: A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives during the Iran nuclear talks at the Vienna International Center in Vienna


© Reuters/Carlos Barria
FILE PHOTO: A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives during the Iran nuclear talks at the Vienna International Center in Vienna

By Humeyra Pamuk

WASHINGTON (Reuters) – The United States is preparing to impose fresh sanctions on Iran’s financial industry as soon as Thursday, a Republican congressional aide briefed on the matter said, as Washington ramps up pressure on Tehran weeks ahead of a key U.S. election.

The move, which would effectively shut Iran out of the global financial sector, comes after the United States last month said it triggered a “snap back,” or resumption, of virtually all U.N. sanctions on Iran, an assertion rejected by key European allies and most U.N. Security Council members including Russia and China.

The Washington Post first reported on the U.S. plan.

Tensions between Washington and Tehran have soared since U.S. President Donald Trump unilaterally withdrew in 2018 from the Iran nuclear deal struck by his predecessor and began reimposing sanctions that had been eased under the accord.

U.S. sanctions have crippled the Iranian economy. President Hassan Rouhani in June said his country was experiencing the toughest year because of U.S. economic pressure and the coronavirus pandemic which has hit the Islamic Republic hard.

Iran hawks inside and outside the Trump administration have been pushing for the targeting of Iran’s entire financial sector for some time.

Iran’s oil exports, a key source of revenue for the OPEC member, have dropped to their lowest levels in decades earlier this year, but Thursday’s move, experts have said, could hit the Islamic Republic’s ability to secure humanitarian goods such as medicine.

The U.S. sanctions Trump has reimposed target everything from oil sales to shipping and financial activities, and while they exempt food,

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U.S. expected to impose new sanctions on Iran’s financial sector – source

U.S. expected to impose new sanctions on Iran’s financial sector – source

WASHINGTON (Reuters) – The United States is preparing to impose fresh sanctions on Iran’s financial industry as soon as Thursday, a Republican congressional aide briefed on the matter said, as Washington ramps up pressure on Tehran weeks ahead of a key U.S. election.

The move, which would effectively shut Iran out of the global financial sector, comes after the United States last month said it triggered a “snap back,” or resumption, of virtually all U.N. sanctions on Iran, an assertion rejected by key European allies and most U.N. Security Council members including Russia and China.

The Washington Post first reported on the U.S. plan.

Tensions between Washington and Tehran have soared since U.S. President Donald Trump unilaterally withdrew in 2018 from the Iran nuclear deal struck by his predecessor and began reimposing sanctions that had been eased under the accord.

U.S. sanctions have crippled the Iranian economy. President Hassan Rouhani in June said his country was experiencing the toughest year because of U.S. economic pressure and the coronavirus pandemic which has hit the Islamic Republic hard.

Iran hawks inside and outside the Trump administration have been pushing for the targeting of Iran’s entire financial sector for some time.

Iran’s oil exports, a key source of revenue for the OPEC member, have dropped to their lowest levels in decades earlier this year, but Thursday’s move, experts have said, could hit the Islamic Republic’s ability to secure humanitarian goods such as medicine.

The U.S. sanctions Trump has reimposed target everything from oil sales to shipping and financial activities, and while they exempt food, medicine and other humanitarian supplies, many foreign banks are already deterred from doing business with the Islamic Republic – including humanitarian deals.

Reporting by Humeyra Pamuk; Editing by Michael Perry

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U.S. to Impose Sanctions to Choke Off Iran’s Financial Sector

U.S. to Impose Sanctions to Choke Off Iran’s Financial Sector

(Bloomberg) — The Trump administration plans to impose sanctions as soon as Thursday on Iran’s financial sector to further choke off its economy from the outside world, according to people familiar with the matter.



a tall building in a city: Iranian national flags fly near a major highway through Tehran, Iran, on Tuesday, Sept. 17. 2019. Iranian Foreign Minister Mohammad Javad Zarif refused to rule out military conflict in the Middle East after the U.S. sent more troops and weapons to Saudi Arabia in response to an attack on oil fields the U.S. has blamed on the Islamic Republic.


© Bloomberg
Iranian national flags fly near a major highway through Tehran, Iran, on Tuesday, Sept. 17. 2019. Iranian Foreign Minister Mohammad Javad Zarif refused to rule out military conflict in the Middle East after the U.S. sent more troops and weapons to Saudi Arabia in response to an attack on oil fields the U.S. has blamed on the Islamic Republic.

The move would effectively leave Iran isolated from the global financial system, slashing the few remaining legal linkages it has and making it more dependent on informal or illicit trade. Earlier rounds of U.S. sanctions have crushed its economy by curbing oil sales and most other trade.

The administration has been weighing the move for weeks, Bloomberg News reported last month. Under the measures, the administration could blacklist as many as 14 banks in Iran that have so far escaped some U.S. restrictions, using authorities designed to punish entities associated with terrorism, ballistic-missile development and human-rights abuses.

The Washington Post reported earlier Wednesday that the sanctions are expected to be announced Thursday.

The measures would have two objectives, according to people familiar with the plans, who asked not to be identified discussing internal deliberations: close one of the few remaining financial loopholes allowing Iran’s government to earn revenue, and stymie Democrat Joe Biden’s promise to re-enter a 2015 nuclear deal if he wins the presidency in November.

Under the plan, the administration would designate the Iranian financial sector under Executive Order 13902, which President Donald Trump signed in January to clamp down on mining, construction and other industries. That would not only affect banks,

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