WASHINGTON — The Trump administration on Thursday imposed a new round of economic sanctions against Iran’s financial sector, as Washington seeks to increase pressure on Tehran in the weeks leading up to the presidential election. The measure imposes penalties against 18 Iranian banks and comes days before a United Nations arms embargo on the country is set to expire. The action could effectively lock Iran out of the global financial system, further cratering its already collapsing economy. It was the United States’ latest round of sanctions against Iran after the Trump administration’s attempt last month to unilaterally restore international economic penalties that much of the rest of the world has refused to enforce. Critics said the new sanctions were unlikely to achieve the Trump administration’s goal of forcing Iran back into negotiations — both to limit its nuclear program and to end its hostilities across the Middle East — and would further distance the United States from key European allies.

Source: International New York Times October 08, 2020 21:45 UTC