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

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Washington: Republican congressional aides briefed the matter that the United States is preparing to impose new sanctions on Iran’s financial industry on Thursday because Washington has increased its pressure on Tehran in the weeks leading up to the crucial US election.

This will effectively exclude Iran from the global financial industry. Earlier, the United States said last month that it had triggered the “withdrawal” or resumption of almost all UN sanctions against Iran. This proposal was rejected by major European allies and the European Union. Most members of the UN Security Council include Russia and China.

The Washington Post first reported the US plan.

Since U.S. President Donald Trump unilaterally withdrew the Iran nuclear agreement reached by his predecessor in 2018 and began to impose sanctions on sanctions that have been relaxed under the agreement, tensions between Washington and Tehran have soared.

The US sanctions have weakened Iran’s economy. President Hassan Rouhani said in June that the country is going through its toughest year due to economic pressure in the United States and the coronavirus pandemic, which has severely hit the Islamic Republic.

For some time, Iranian hawks inside and outside the Trump administration have been fighting to target Iran’s entire financial sector.

Iran’s oil exports, the main source of income for OPEC member states, had fallen to their lowest level in decades earlier this year, but experts said Thursday’s move could hit the Islamic Republic’s ability to obtain humanitarian goods such as medicines.

US sanctions Trump has retargeted from oil sales to transportation and financial activities. Although they exempt food, medicine and other humanitarian supplies, many foreign banks have been banned from doing business with the Islamic Republic-including humanitarian transaction.

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