According to a Republican congressional aide briefed on the matter at hand, the United States plans on imposing fresh sanctions on Iran’s financial industry. The development comes ahead of a key U.S. election.

The move is likely to shut out Iran from the global financial sector and comes midst a month after Washington snapped back virtually all U.N. sanctions.

Tensions between Washington and Tehran have soared since U.S. President Donald Trump withdrew from the Iran nuclear deal struck by his predecessor.

U.S. sanctions have crippled the Iranian economy. In June 2020, Iranian President Hassan Rouhani had said, Iran was going through its toughest year because of the coronavirus and U.S. economic pressure.

Earlier this year, Iranian oil exports, a key source of its revenue, touched their lowest levels.

U.S. sanctions have covered most sectors and industries and have exempted food, medicine and other humanitarian supplies. Foreign banks, other than Chinese and Russian, are wary of doing business with Tehran.

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Tags: 2020 Presidential elections, economic pressure, economy, finance, financial, financial industry, food, foreign banks, global financial sector, Hassan Rouhani, humanitarian supplies, Iran, Iranian, medicine, oil exports, president, sanctions, U.S., United States, US, Washington