Trump administration action “targets 16 Iranian banks for their role in the country’s financial sector”

ASSOCIATED PRESS
US hits all of Iran’s financial sector with sanctions
by Matthew Lee
October 8, 2020

The Trump administration has blacklisted virtually all of Iran’s financial sector, dealing another blow to an economy that is already reeling under U.S. sanctions. The move will deepen tensions with European nations and others over Iran. Thursday’s move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed U.S. sanctions and, more importantly, subjects foreign, non-Iranian financial institutions to penalties for doing business with them. Thus, it effectively cuts them off from the international financial system…Foreign companies that do business with those banks were given 45 days to wind down their operations before facing so-called “secondary sanctions.” READ MORE

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