Trump Administration Imposes Sanctions on 18 Iranian Banks to Increase Maximum Pressure

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The United States has hit hard the entire financial sector of Iran with fresh sanctions on 18 Banks, by further confining it from the international banking system and preventing the nation’s efforts to manufacture nuclear weapons.

On Thursday, the United States imposed sanctions on 18 Iranian banks that so far avoided earlier sanctions. The new sanctions will check the Iranian regime’s financial resources that could be utilized to support and aid its atomic program, terrorism, uranium enrichment, and hostile regional influence.”

The names of the sanctioned banks are:- 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 (also known as Middle East Bank), Karafarin Bank, Mehr Iran Credit Union Bank, Sarmayeh Bank, Pasargad Bank, Saman Bank, Tourism Bank and Tosee Taavon Bank (also known as Cooperative Development Bank).

Tehran has been violating the accord by increasing the limit of uranium reserve and enrichment levels since the time President Trump pulled back from the Iran atomic deal in 2018, as per the United Nations Atomic Watchdog report. On Thursday, US Secretary of State Mike Pompeo stated that the recent sanctions on 18 Iranian banks would stop Tehran to support militant groups’ activities and “check atomic coercion that threatens the globe.” “Our financial pressure campaign will continue until Iran is ready to stop negotiations that speak of their malign behavior,” Pompeo added.

The move was criticized by European partners who cautioned that sanctioning banks could have devastating humanitarian consequences as Iran requires medicines and food amid the Covid-19 and the economic crisis. Steven Mnuchin, the Treasury Secretary said in a statement that the sanctioning of 18 Iranian banks shows the United States’ commitment towards preventing illegal access to U.S. dollars” and we will continue the humanitarian support to help the Iranian people.”

President Trump issued an executive order in January to Steven Mnuchin and Mike Pompeo to have the authority to impose sanctions on the economy of Iran. Pompeo, reassured that the Iranian people will be getting support and access to humanitarian goods and other essential goods and services from the US. He also reaffirmed to support Iran in its endeavors to fight the Coronavirus Pandemic.”

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