US sanctions damaging Iranian economy, foreign ministry spokesman says

The US’s latest sanctions against Tehran practically crippled Iran’s financial sector. Above, vendors at Tehran’s Grand Bazaar say business has slowed due to the sanctions. (AFP)

• Latest round of US sanctions targeted 18 major Iranian banks

DUBAI: The American government’s latest round of sanctions against Tehran is doing damage where it hurts most – the Iranian economy, a foreign ministry spokesperson has said.
Saeed Khatibzadeh said that “these decisions and sanctions have caused serious monetary and financial damages to Iran” despite the government “working for months to stop such shocks,” in a report from broadcast service Radio Farda.
The US’ Office of Foreign Assets Control, which administers the sanctions, has targeted 18 major Iranian banks identified as “an additional avenue that funds the Iranian government’s malign activities.” These banks practically represent Iran’s entire financial sector.
The latest punitive measure pulled the Iranian rial to a new low against the US dollar to as much as 317,000 rials per greenback on Sunday on the unofficial market.
The currency has lost about 57 percent of its value this year, compounded by Iran’s coronavirus crisis whose more than half a million cases is the highest in the region.
Khatibzadeh said that “the United States must make up for all the damage it has done to Iran. Iranian people should not doubt that we will seek compensation for all damages cent by cent.”
“The damage incurred on Iran is filed in the bill submitted to the International Court of Justice,” Radio Farda quoted the Iranian official.
Khatibzadeh however admitted that the sanctions have terrified many private companies, which has created additional problems for Iran.