The Trump Administration imposes sanctions to raise full pressure on 18 Iranian banks

With new sanctions on 18 banks, the United States has struck Iran ‘s entire financial sector hard by further confining it to the international banking system and blocking the nation’s attempts to develop nuclear weapons.

The United States imposed sanctions on 18 Iranian banks on Thursday, which have so far blocked earlier sanctions. The latest sanctions would monitor the financial capital of the Iranian government that could be used to finance and finance its atomic programme, terrorism, exploitation of uranium and aggressive regional power.

Bank Keshavarzi Iran, Amin Investment Bank , Bank Refah Kargaran, Bank Maskan, Eghtesad Novin Bank, Hekmat Iranian Bank, Eghtesad Novin Bank , Bank-e Shahr, Iran Zamin Bank, Khavarmianeh Bank, Karafarin Bank, Mehr Iran Credit Union Bank, Sarmayeh Bank, Pasargad Bank, Saman Bank, Tourism Bank and Tosee Taavon Bank (also known as Tosee Taavon Bank) are the names of the sanctioned banks.

Since President Trump stepped back from the Iran Atomic Deal in 2018, Tehran has breached the arrangement by increasing the uranium reserve cap and enrichment rate, according to the United Nations Atomic Watchdog report.

US Secretary of State Mike Pompeo said on Thursday that the new sanctions on 18 Iranian banks will deter Tehran from funding the actions of terrorist groups and “testing atomic coercion that threatens the globe.”

“Our policy of financial leverage will continue until Iran is able to suspend talks over its malignant actions,” Pompeo said.

The move was opposed by European allies who warned that sanctioning banks might have catastrophic humanitarian repercussions because, in the middle of Covid-19 and the economic downturn, Iran needs medicine and food.

The Secretary of the Treasury, Steven Mnuchin, said in a statement that the sanctioning of 18 Iranian banks reflects the determination of the United States to deter illicit access to US dollars, and we will continue to provide humanitarian assistance to help the Iranian people.

In January, President Trump signed an executive order for Steven Mnuchin and Mike Pompeo to have the right to enforce sanctions on Iran’s economy.

Pompeo, reassured that assistance and access to relief goods and other vital goods and services will be offered by the Iranian citizens from the US. He also expressed his support for Iran’s efforts to tackle the coronavirus pandemic.