Graphic shows timeline of sanctions on Iran since 2015 nuclear deal.
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U.S. to impose new Iran sanctions

By Duncan Mil

October 8, 2020 - The U.S. is preparing to impose fresh sanctions on Iran’s financial sector -- blacklisting as many as 14 Iranian banks -- effectively shutting the Islamic Republic out of the global financial system.

The move comes after the United States last month said it had triggered a “snap back,” or resumption, of virtually all UN sanctions on Iran, a claim rejected by European allies who signed the nuclear deal with Iran in 2015.

Iran hawks inside the Trump administration have been pushing for the targeting of Iran’s entire financial sector for some time.

Under the plan, the U.S. would designate the Iranian financial sector under Executive Order 13902, which President Donald Trump signed in January. That order would affect not only banks but also remittance processors, money-changers and “hawala” -- the informal transfer system used frequently in the Muslim world.

The intensity of Tehran’s reaction against the latest U.S. move hinges on the November 3 election. President Trump’s re-election, or the election of former Vice President Joe Biden, will likely lead to a change in stance by the remaining participants of the Joint Comprehensive Plan of Action (JCPOA) -- Russia, China, the United Kingdom, France, Germany, and the European Union.

Biden has said he would re-enter the JCPOA nuclear deal provided that Iran returned to compliance, while also promising to negotiate an extension of the deal’s original constraints and addressing Tehran’s destabilizing activities in the region.

PUBLISHED: 08/10/2020; STORY: Graphic News
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