October 21, 2020

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US hits Iran’s financial sector with fresh round of sanctions

Tensions between Washington and Tehran have soared since US President Donald Trump unilaterally withdrew in 2018 from the 2015 Iran nuclear deal struck by his predecessor and began reimposing US sanctions that had been eased under the accord.

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The sanctions Trump has reinstated target everything from oil sales to shipping and financial activities, and while they exempt food, medicine and other humanitarian supplies, many foreign banks are already deterred from doing business with the Islamic Republic – including for humanitarian deals.

The US Treasury Department named the sanctions banks as 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.

Thursday’s move freezes any US assets of those blacklisted and generally bars Americans from doing business with them.