United States to impose sanctions to suffocate Iranian financial sector by Bloomberg

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© Bloomberg. Yellow taxis sit in a traffic jam overlooked by a poster depicting Iranian Supreme Leader Ayatollah Ali Khamenei on a highway in the city of Tehran, Iran on Tuesday, September 17, 2019. Iranian Foreign Minister Mohammad Javad Zarif a refused to rule out military conflict in the Middle East after the United States sent more troops and weapons to Saudi Arabia in response to an attack on oil fields that the United States blamed on the Republic Islamic.

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

This move would effectively leave Iran isolated from the global financial system, severing the few remaining legal ties it has and making it more dependent on informal or illicit trade. Previous rounds of US sanctions have crushed its economy, curbing oil sales and most other trade.

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

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

The measures would have two purposes, according to people familiar with the plans, who have asked not to be identified in internal talks: to close one of the few remaining financial loopholes for the Iranian government to generate revenue and to thwart the Democrat’s promise. Joe Biden to come home. a 2015 nuclear deal if it wins the presidency in November.

As part of the plan, the administration would designate Iran’s financial sector under Executive Order 13902, which President Donald Trump signed in January to clamp down on mining, construction, and other industries. This would not only affect banks, but also remittance processors, money changers and the informal transfer system frequently used in the Muslim world known as hawala.

Next, the administration would blacklist around 14 banks in Iran that have so far escaped certain US restrictions, under authorities designed to punish entities associated with terrorism, ballistic missile development and violations. human rights.

© 2020 Bloomberg L.P.

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