US Plan Seeks To Isolate Iran From Global Financial System - Reports

WASHINGTON (UrduPoint News / Sputnik - 29th September, 2020) The US administration is considering sanctioning Iran's entire financial system to cut it off from the outside world, Bloomberg news agency reported.

The sanctions will specifically target around 14 Iranian banks that have so far escaped US restrictions, the report said on Monday, citing three people familiar with the matter. The initiative, if approved, will designate the financial sector, including money-changers and informal payment transfer processors, on par with mining, construction and other sanctioned industries, according to the report.

The move, which would effectively leave Iran isolated from the global financial system, has not yet been submitted to President Donald Trump as of yet, the report added.

Under the current administration, the United States has pursued a maximum pressure campaign against Iran by abandoning the nuclear deal and reinstating sanctions. Washington is now seeking to put in place international restrictions, despite other major powers' opposition.