Banning all financial sector of Iran

Published:

On: Oct 2020

The administration of the US president Donald Trump has banned all of the financial sector of Iran, dealing another threat to an economy that already stumbling under the sanctions of the United States. The decision will deepen concerns with European countries and other regions over Iran. Yesterday’s decision hamper nearly 18 Iranian banks that had hence eliminated the series of re-imposed American sanctions and most importantly, concerns foreign, non-Iranian fiscal institutions to sanctions for performing business with them.

Therefore, it drops them from the international financial system. The US Treasury Secretary Steven Mnuchin said that the today’s move to recognize the fiscal sector and penalties 18 leading Iranian banks represents our commitment to halt improper access to the American dollars. He said that the US sanctions programs will continue until Iran halts its assistance of terrorist activities as well as closes its nuclear schemes. Recent decision will continue to permit for civilized transactions to assist the people of Iran. 

According to the recently issued report, the latest action of the United States aims nearly 16 Iranian banks for their contribution in the financial sector of the country, one bank owned or administrated by another sanctioned Iranian bank as well as singular military-driven bank, said by Treasury Secretary.

Some of them had been enfolded by last designations but yesterday’s move places them all under the similar authority protecting the whole financial sector of Iran. Whereas, some foreign firms that perform business with those banks of Iran were offered almost 45 days to unwind their operations just before facing round of secondary sanctions. European countries have blamed the blanket fiscal services banning as it will open up their largest banks as well as other enterprises to penalties of the United States for organizing business with Iran that had lastly been permitted.