https://www.frontpagemag.com/fpm/273816/showdown-arabian-gulf-ari-lieberman
During his presidential run, Donald Trump argued that the Joint Comprehensive Plan of Action, colloquially known as the Iran deal, was among the worst deals ever negotiated by the United States with a foreign power and promised to withdraw from the JCPOA if elected. In May 2018, Trump kept his word but granted waivers to eight countries to continue purchasing Iranian oil. In May 2019 those waivers expired, further constricting Iran’s ability to export oil.
Sanctions instantly affected all aspects of the Iranian economy including its banking sector. The U.S. Treasury Department succeeded in disconnecting Iran’s banking industry from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT enables banks to communicate with each other and facilitates international transactions. Even if rogue nations, like Turkey, attempted to skirt sanctions and purchase Iranian contraband, it would be nearly impossible for Iran to receive payment given its cutoff from SWIFT.
Iran’s economy is contracting and its currency is in freefall. It is estimated that the ban on oil exports alone is costing the regime some $35 billion a year and that’s before the expiration of the waivers. In April, the U.S. declared the IRGC a Foreign Terrorist Organization (FTO) and this past week, the U.S. Treasury Department slapped sanctions on Iran’s industrial metals industry.