US imposes fresh sanctions on Iran, shuts out Asian country from global financial system

The administration of President Donald Trump of the United States of America has imposed fresh sanctions on Iran that will effectively shut the country out of the global financial system.

This was contained in a statement issued on Thursday by the US Department of Treasury which announced it is blacklisting 18 major Iranian banks – 16 of which were targeted for “operating in Iran’s financial sector” – as well one bank controlled by a sanctioned Iranian bank and one the US Treasury says is affiliated with Iran’s military.

In the statement, the Treasury said it had, “identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities”.

READ ALSO: Iran vows “decisive response” against US over unilateral UN sanctions

However, in a statement, US Treasury Secretary Steven Mnuchin said: “Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

While reacting to the sanctions, Iranian foreign minister Mohammad Javad Zarif pushed back on Mnuchin’s claims that humanitarian transactions would not be impacted by the latest round of sanctions.

“Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine. 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,” Zarif tweeted.

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