Please ensure Javascript is enabled for purposes of website accessibility

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

6 hours ago

‘Reservoir Dogs’ and ‘Kill Bill’ Actor Michael Madsen Dies at 67

7 hours ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

7 hours ago

Trump’s Sweeping Tax-Cut and Spending Bill Wins Congressional Approval

8 hours ago

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

11 hours ago

US Supreme Court to Decide Legality of Transgender School Sports Bans

12 hours ago

Nvidia Set to Become the World’s Most Valuable Company in History

12 hours ago

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

12 hours ago
US Hits All of Iran's Financial Sector With Sanctions
gvw_ap_news
By Associated Press
Published 5 years ago on
October 8, 2020

Share

WASHINGTON — 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.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” said Treasury Secretary Steven Mnuchin. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

The action targets 16 Iranian banks for their role in the country’s financial sector, one bank for being owned or controlled by a another sanctioned Iranian bank and one military-affiliated bank, Treasury said in a statement. Some of them had been covered by previous designations but Thursday’s move places them all under the same authority covering Iran’s entire financial sector.

The targeted banks are the Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank, Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank, Tourism Bank and Islamic Regional Cooperation Bank.

Foreign companies that do business with those banks were given 45 days to wind down their operations before facing so-called “secondary sanctions.”

The Move Comes as the U.S. Has Stepped up Efforts to Kill the 2015 Iran Nuclear Deal

European nations have opposed the blanket financial services blacklisting because it will open up their biggest banks and and other companies to U.S. penalties for conducting business with Iran that had previously been allowed.

Iranian Foreign Minister Mohammed Javad Zarif reacted angrily to the designations, calling them a “crime against humanity” at a time of global crisis. “Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine,” he said in a tweet. “Iranians WILL survive this latest of cruelties. But conspiring to starve a population is a crime against humanity. Culprits & enablers — who block our money — WILL face justice.”

The move comes as the U.S. has stepped up efforts to kill the 2015 Iran nuclear deal that President Donald Trump withdrew from in 2018. Since then, Trump has steadily increased pressure on Iran by imposing sanctions on its oil sales, blacklisting top government officials and killing a top general in an airstrike.

Last month, the administration unilaterally announced that it had restored all international sanctions against Iran that had been eased or lifted under the nuclear deal. And, having been ridiculed by most members of the U.N. Security Council for claiming to have retained the right to restore international sanctions despite no longer being a member of the deal, the administration has continued to seek to boost its leverage with Iran.

Critics Say the Sanctions Will Further Cut off Iran’s Ability to Import Humanitarian Goods

While almost the entire rest of the world, which has an interest in preserving the deal, has vowed to ignore those sanctions, violating them will come with significant risk of losing access to the U.S. financial system. Some believe that Thursday’s action could destroy any chance of salvaging the accord by making it impossible for Iranian banks to have any relationships with their foreign counterparts.

Critics say the sanctions will further cut off Iran’s ability to import humanitarian goods that are especially needed during the coronavirus pandemic, although U.S. officials insist there are carve-outs for legitimate items such as food and medicine. Relief organizations and others, however, say the exemptions still starve the Iranian people of essentials.

Thursday’s decision, which was first reported by The Washington Post, follows months of internal administration debate about the best way to proceed with Iran, particularly as Trump faces a difficult reelection challenge against former Vice President Joe Biden, who has said he wants to return to the nuclear deal.

Until Wednesday, the Treasury Department had opposed the step, arguing that it would adversely affect U.S. relationships with Europe. However, Iran hawks in Congress and outside the government have long sought the cut-off.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Fresno Crash Involving Unlicensed Teen Driver Sends Woman to Hospital

DON'T MISS

Madre Fire Burns More Than 52,000 Acres in San Luis Obispo County

DON'T MISS

RIP John Harris: Fresno County Rancher, Racehorse Breeder Was a Visionary Leader Who Leaves a ‘Profound Legacy’

DON'T MISS

Valadao, Costa Spar on What Passage of Trump’s Bill Means for Medicaid Recipients

DON'T MISS

US Military Says 200 Marines Being Sent to Support ICE in Florida

DON'T MISS

Boeing Secures $2.8 Billion US Satellite Contract

DON'T MISS

Kaweah Health Names Its New Chief Nurse. She’s From Texas

DON'T MISS

Clovis Police Say At-Risk Missing Woman Found Dead in Mariposa County

DON'T MISS

Over 100 Former Senior Officials Warn Against Planned Staff Cuts at US State Department

DON'T MISS

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

UP NEXT

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

UP NEXT

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

UP NEXT

Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

UP NEXT

Poll: Most Americans Say National Divide, Political Violence Threaten Democracy

UP NEXT

Trump Pulls Back 150 Guard Troops From Federal Duties in California

UP NEXT

Suspect Identified in Ambush Shooting That Killed 2 Idaho Firefighters

UP NEXT

Suspect Identified in Ambush Shooting That Killed 2 Idaho Firefighters

UP NEXT

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

UP NEXT

Bill Moyers, Broadcaster and LBJ’s White House Press Secretary, Dies at 91

UP NEXT

Tesla Executive, Elon Musk Confidant Leaves EV Maker, Bloomberg News Reports

Valadao, Costa Spar on What Passage of Trump’s Bill Means for Medicaid Recipients

4 hours ago

US Military Says 200 Marines Being Sent to Support ICE in Florida

5 hours ago

Boeing Secures $2.8 Billion US Satellite Contract

5 hours ago

Kaweah Health Names Its New Chief Nurse. She’s From Texas

5 hours ago

Clovis Police Say At-Risk Missing Woman Found Dead in Mariposa County

5 hours ago

Over 100 Former Senior Officials Warn Against Planned Staff Cuts at US State Department

6 hours ago

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

6 hours ago

‘Reservoir Dogs’ and ‘Kill Bill’ Actor Michael Madsen Dies at 67

7 hours ago

Fresno Police Recover Some of the $40,000 in Fireworks Stolen From Bullard High Team

7 hours ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

7 hours ago

Fresno Crash Involving Unlicensed Teen Driver Sends Woman to Hospital

A two-vehicle collision sent a woman driving one of the vehicles to the hospital with a head injury Thursday afternoon in Fresno. Fresno pol...

3 hours ago

A crash causes a traffic jam in northwest Fresno on Thursday, July 3, 2025. (GV Wire/Paul Marshall)
3 hours ago

Fresno Crash Involving Unlicensed Teen Driver Sends Woman to Hospital

The Madre Fire near New Cuyama has burned 52,593 acres with 5% containment, prompting evacuation orders in several San Luis Obispo County zones as of Thursday, July 3, 2025, afternoon. (CalFire)
3 hours ago

Madre Fire Burns More Than 52,000 Acres in San Luis Obispo County

4 hours ago

RIP John Harris: Fresno County Rancher, Racehorse Breeder Was a Visionary Leader Who Leaves a ‘Profound Legacy’

4 hours ago

Valadao, Costa Spar on What Passage of Trump’s Bill Means for Medicaid Recipients

An ICE agent talks with migrants about their scheduled appointments with U.S. Immigration and Customs Enforcement (ICE) on Father’s Day, to learn about their immigration status, in Chicago, Illinois., U.S., June 15, 2025. (Reuters File)
5 hours ago

US Military Says 200 Marines Being Sent to Support ICE in Florida

Boeing logo and miniature satellite model are seen in this illustration taken, March 10, 2025. (Reuters File)
5 hours ago

Boeing Secures $2.8 Billion US Satellite Contract

5 hours ago

Kaweah Health Names Its New Chief Nurse. She’s From Texas

Clovis Police are searching for Pathmani Goonawardena, 82, who went missing nearly three weeks ago and was last seen driving a white Volvo near Copper and Auberry, possibly en route to Coarsegold. (CHP)
5 hours ago

Clovis Police Say At-Risk Missing Woman Found Dead in Mariposa County

Help continue the work that gets you the news that matters most.

Search

Send this to a friend