The U.S. Administration, led by President Donald Trump, on Thursday, slapped crushing sanctions on Iran’s financial sector. The fresh sanctions target 18 Iranian banks as Washington ramps up pressure on Tehran weeks ahead of the U.S. election.
"The Secretary of the Treasury, in consultation with the Secretary of State, identified the financial sector of the Iranian economy pursuant to section 1(a)(I) of Executive Order (E.O.) 13902, which authorizes Treasury to sanction any Iranian financial institution," the statement read.
Earlier, Iranian President Hassan Rouhani confirmed that Iran's losses as a result of the US sanctions exceeded $150 billion.
He explained, "If it were not for the US sanctions, the Iranian people would have been able to live better, commodities would have been cheaper and the price of the dollar would be reasonable."
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