May 3, 2019

GOOD: After Oil, Washington Weighs Sanctions on Iran’s Other Sources of U.S. Dollars.

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 signing 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.

Since the U.S. sanctions began in November, the Iranian government has missed out on more than $10 billion in oil revenue, Brian Hook, U.S. special representative for Iran at the State Department, said last week.

The U.S. Treasury Department is now weighing targeted sanctions that would curb the flow of less-visible sources of the U.S.-denominated currency that Iran needs to pay for imports of basic goods—and to shore up its own flagging currency, U.S. officials said.

The sanctions under consideration include the targeting of financial networks that transfer U.S. dollars to Iranian companies as payment for petrochemical exports—the country’s second-largest source of revenue after oil, a U.S. official said.

Hit ’em where it hurts.

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