The move on October 8 blacklists 18 Iranian banks that had, so far, escaped most of the U.S. sanctions imposed by President Donald Trump's administration since the United States pulled out of a 2015 nuclear pact between Tehran and world powers.
Critically, the move subjects foreign, non-Iranian financial institutions to penalties for doing business with the blacklisted Iranian entities -- effectively cutting off Iran from the international financial system.
U.S. Treasury Secretary Steven Mnuchin said in statement:
"Today's action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars. Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today's actions will continue to allow for humanitarian transactions to support the Iranian people."
Comment: Does tightening the financial screws solve anything? Has it ever? Perhaps that is the point.