Trump Admin To Slap Devastating New Sanctions on Iran

Combined Shape

The Trump administration is poised to announce that it will blacklist Iran’s entire financial sector, dealing another blow to an economy that is already reeling under U.S. sanctions.

Administration officials and congressional aides say the decision is expected on Thursday.

The move is expected to hit 14 Iranian banks that have thus far escaped the re-imposition of U.S. sanctions and, more importantly, subject foreign, non-Iranian financial institutions to penalties for doing business with them.

Thus, it will effectively cut them off from the international financial system.

The officials and aides spoke on condition of anonymity because they were not authorized to publicly preview the decision, which is to be announced by Treasury Department on Thursday afternoon.

Biden Cancels Trump's 'Garden of American Heroes' and Ends Exec Order Protecting Monuments

It was not immediately clear if the blacklisting would come with a grace period or tailored exemptions that would permit some limited transactions to continue.

The move comes as the U.S. has stepped up efforts to kill the 2015 Iran nuclear deal from which President Donald Trump withdrew in 2018.

Since then, Trump has steadily increased pressure on Iran by imposing sanctions on its oil sales, blacklisting 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.

Do you support these sanctions on Iran?

While almost the entire rest of the world has vowed to ignore those sanctions, violating them will come with significant risk of losing access to the U.S. financial system.

Critics say the sanctions will further cut off Iran’s ability to import humanitarian goods, although U.S. officials insist there are exceptions for legitimate items such as food and medicine.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

, , , , , , ,
Combined Shape
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City