US Sanctions 18 Iranian Banks, Raising Humanitarian Alarm

Law360 (October 9, 2020, 10:19 PM EDT) -- The United States hit Iran's financial sector with fresh sanctions Thursday, targeting 18 Iranian banks in its attempt to sever Iran's ties to the global financial system and cut off funding for its nuclear program and its support for terrorist groups — but it also threatens to deepen Iran's humanitarian crisis.

The U.S. Department of the Treasury's Office of Foreign Assets Control announced sanctions against 17 Iranian banks for their role in the country's financial sector and against one military-affiliated bank, a move Iran's foreign minister called "a crime against humanity."

"Our sanctions programs will continue until Iran stops its support of...

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