U.S. sanctions 18 banks in Iran to step up pressure before presidential election

U.S. Sanctions on 18 Banks in Iran Further Pressure Before Presidential Election October 9 at 5:48 PM

The Trump administration in the United States has announced that it will impose financial sanctions on 18 Iranian banks in order to cut off sources of funding for Iran’s support for terrorism and its nuclear program. It is believed to be aimed at shut iran out of the international financial system and has further increased pressure on Iran before next month’s presidential election.

The U.S. Treasury Department issued a statement today announcing that it would impose sanctions on 18 Iranian banks in an order to cut off sources of funding for Iran’s support for terrorism and its nuclear program.

Sanctions will freeze assets in the United States and prohibit business with Americans.

The Ministry of Finance has also warned that foreign financial institutions that do business with these banks could also be subject to sanctions, and there is likely to be an aim to shut Iran out of the international financial system.

Mr. Mnuchin said in a statement that “U.S. sanctions will continue until Iran quits its support for terrorist activities and quits its nuclear program.”

The Trump administration has made clear its hardline stance toward Iran before next month’s presidential election, including a unilateral declaration last month that U.N. sanctions have been reinstrevered, including continued arms embargoes on Iran, and has further increased pressure on Iran through new sanctions.