After Oil, Washington Weighs Sanctions on Iran’s Other Sources of U.S. Dollars
The Trump administration is considering a more-aggressive enforcement of its economic sanctions on Iran—targeting more companies and financial institutions that do business with the Islamic Republic in an attempt to cut off lucrative sources of U.S. dollar-denominated hard currency, U.S. officials said.
The new sanctions on banks and businesses would be aimed at choking off trade including Iran’s petrochemical sales to Singapore and its consumer-goods sales to Afghanistan.
The prospect of added pressure on Iran comes as Washington kicked off a fresh round of sanctions on Iranian oil exports on Thursday. The U.S. ban is aimed at coercing Iran into reaching a new nuclear and security pact. In targeting the country’s crude—its main income source—the U.S. hopes to sever the financial and trade ties that are keeping Iran’s economy afloat. (WSJ)