US sanctions cut Iranian banks off from the world

(JTA) — New U.S. sanctions on Iran, which target 18 Iranian financial institutions and penalize non-Iranian institutions who deal with them, effectively cut the Middle Eastern country off from the world finance system.

The sanctions deprive “the Islamic Republic of Iran of funds to carry out its support for terrorist activities and nuclear extortion that threatens the world,” Secretary of State Mike Pompeo said in a statement.

The sanctions effectively cut off Iran from world markets because of the preeminence worldwide of the U.S. dollar.

Pompeo’s statement said there are exemptions for human...