According to the plan, the US administration will classify the Iranian financial sector under Executive Order 13902, signed by Trump last January, to tighten the screws on the mining, construction and other industries in Iran.
This will affect not only banks, but also money transfer workers, as well as the informal “hawala system” that has become widespread in Iran, due to restrictions on its formal financial system due to US sanctions.
After that, the administration will blacklist about 14 banks in Iran, and these banks have managed, until now, to evade some of the US restrictions. Sanctions will be imposed on these banks as part of the prosecution of entities linked to terrorism, the ballistic missile development program, and human rights violations.
The sources, who declined to be identified, said that there are two objectives of the proposed sanctions, the first is to close one of the few remaining financial holes for Iran, which allows it to collect revenues, and the second is to place an obstacle in front of the promise made by the Democratic candidate for the US presidential elections, Joe Biden, The United States returns to the nuclear agreement with Iran, from which the Trump administration withdrew, in 2018, because if Biden wins the election, he will have difficulty returning to the agreement.
The report confirmed that the proposal is still under review and has not yet been sent to the US President.
The proposed sanctions initially enjoyed lukewarm acceptance by many administration officials, fearing they would complicate efforts to provide international humanitarian assistance to Iran, but then they became convinced that the potential humanitarian costs could be mitigated.
“This step will effectively isolate Iran, whose economy has been crushed by losses in oil sales and other areas of trade due to current US restrictions,” Bloomberg said in commenting on the proposed sanctions.
She added that isolating Iran from the global financial system would lead to “reducing its remaining few legitimate ties with the outside world, and making it more dependent on informal or illegal trade.”
Mark Dupowitz, the head of the Foundation for Defense of Democracies, who has advised the Trump administration on Iranian policy, brought up the idea in an article last month in the Wall Street Journal, and said that protection already exists for humanitarian aid to Iran.
Dubowitz said, in an interview, that the new measures will have a significant impact on any financial entities “thinking of doing business with Iran.”
A few days ago, Iranian President Hassan Rouhani admitted that his country had lost $ 150 billion in revenue since Washington withdrew from the nuclear agreement between the two countries, signed in 2015, and re-imposed sanctions on its economy.
Washington asked the United Nations and the Security Council to activate the international “return of sanctions” clause on Iran, after its failure to adhere to the nuclear agreement, and also requested an extension of the arms embargo on it.
Last Thursday, Washington imposed new sanctions on Iranian officials and entities for their gross violations of human rights, headed by the judge who sentenced the death penalty to the late Iranian wrestler, Naveed Afkari.
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