Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

U.S. to Impose New Sanctions on Iran

Thu 08 Oct 2020 | 01:24 PM
Omnia Ahmed

U.S. President Donald Trump's administration planned to impose fresh sanctions on Iran’s financial industry, according to Reuters.

An official statement mentioned that the move includes two objectives: firstly, closing one of the few remaining financial loopholes that allow Iran’s government to earn revenue, secondly, stymie Democrat Joe Biden’s promise to re-enter a 2015 nuclear deal if he wins the presidency in November.

Under this scheme, the administration would designate the Iranian financial sector under Executive Order 13902, Trump signed in January to tighten the noose on mining, construction, and other industries.

That would not only affect banks, but also remittance processors, money-changers, and the informal transfer system used frequently in the Muslim world known as “Hawala”.

Eventually, the administration would blacklist 14 banks in Iran that have violated some U.S. restrictions, by virtue of the authorities designed to punish entities associated with terrorism, ballistic-missile development, and human-rights abuses, according to Bloomberg news.

Relations between Washington and Tehran have been tense since Trump abruptly withdrew in 2018 from the Iran nuclear deal.

In the same context, US Secretary of State Mike Pompeo stated that his country shall impose sanctions on the Iranian Defense Ministry and other units of the army that receive the weapons.

"For nearly two years, corrupt officials in Tehran have worked with the illegitimate regime in Venezuela to flout the U.N. arms embargo,” Pompeo said. “ Our actions today are a warning that should be heard worldwide. No matter who you are, if you violate the U.N. arms embargo on Iran, you risk sanctions."