WASHINTON (News Pulse / Monitoring desk) President Donald Trump‘s administration on Thursday imposed new sanctions on Iran’s banking sector. The Trump administration ramps up pressure on Tehran. The Trump administration did not list specific accusations against most of the banks, instead of declaring broadly that the entire Iranian financial sector may be used to support the government’s contested nuclear program and its “malign regional influence.”
The new measures announced Thursday afternoon by the Department of Treasury targeted 18 major Iranian banks, not previously subject to U.S. restrictions. The actions were largely taken under the sweeping authorities of an executive order signed by President Donald Trump, allowing the U.S. to take aim at any and all institutions within Iran’s already crippled financial sector.
“Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs,” Treasury Secretary Steven Mnuchin said in a statement. “Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”
Iran’s oil exports sank to a record low in May as the coronavirus pandemic compounded the effect of U.S. sanctions already limiting shipments. Iran is also suffering under a severe shortage of supplies to fight the COVID-19 virus with 3,000 new COVID-19 cases every day, and 27,000 dead so far.
Reaction from the Iranian Foreign Minister Jawad Zareef accused the United States of undertaking a “crime against humanity” and warned there would be consequences.
“Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine. Iranians WILL survive this latest of cruelties. But conspiring to starve a population is a crime against humanity. Culprits & enablers—who block our money—WILL face justice,” he tweeted.
the Trump administration ramps up pressure on Tehran. The same week, Washington also blacklisted several Iranian officials and entities over alleged gross violations of human rights, including placing sanctions on a judge it said was involved in the case of an Iranian wrestler sentenced to death.
But the other side European diplomats say that US sanctions nonetheless have dire humanitarian consequences, with few institutions in other nations willing to take the risks of legal action in the world’s largest economy.
Trump has pursued a policy of “maximum pressure” aimed at reining in Iran, the arch-rival of US allies Saudi Arabia and Israel.
The Trump administration has already moved to stop all Iranian oil exports and bolted from a deal negotiated under former President Barack Obama through which Iran curtailed its nuclear program.
Analysts say it is all part of President Trump’s election campaign. Sanctions have already been imposed on Iran, but Iran has used a better strategy to counter US sanctions.