U.S. Sanctions 18 Iranian Banks in Move to Choke Off Economy
- Critics say Iran so sanctioned, more won’t make difference
- Mnuchin says actions will allow humanitarian aid to continue
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The Trump administration announced sweeping new sanctions on Iran’s financial sector, a move intended to choke off the country’s economy from the rest of the world and raise pressure on its government to enter a new deal constraining its nuclear program.
Under the measures, announced Thursday by the Treasury Department, the administration blacklisted 18 banks in Iran that have so far escaped some U.S. restrictions, using authorities designed to punish entities associated with terrorism, ballistic-missile development and human-rights abuses. The Iranian financial sector was also designated as off-limits under an executive order that President Donald Trump signed in January.