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.
Earlier, US Secretary of State Mike Pompeo announced that UN sanctions were being reimposed on Tehran, adding that Washington is ready to "enforce [its] sanctions" if some states will not comply.
Rather than waiting for Iran to threaten the world, the U.S. is taking sweeping actions to prevent the world’s top state sponsor of terror from obtaining a nuclear weapon. This includes sanctions on 25 entities and individuals. We are keeping Americans and world citizens safe!— Secretary Pompeo (@SecPompeo) September 21, 2020
Several states are against reimposing punitive measures against Tehran. EU High Representative for Foreign Affairs Josep Borrell said in a statement that Washington could not unilaterally restore international sanctions on Iran on the basis of the agreement it withdrew from.
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.