Prime Minister: Research is needed on US sanctions package imposed on  countries doing business with Iran

ArmInfo.  Armenian commercial banks maintain a very high level of discipline in terms of enforcing international sanctions. Armenian Prime Minister Nikol Pashinyan  stated this at a briefing on August 27, responding to a question  about the possible impact of US economic sanctions against countries  doing business with Iran on Armenia's banking and energy systems.

According to the Prime Minister, this discipline in the banking and  financial sector is so high that it surprises international experts.  At the same time, the Prime Minister noted that he cannot comment on  the banking sector, which, he said, is purposefully operating  according to established rules and the highest standards. Pashinyan  emphasized the need for a detailed study of the US administration's  decision, as well as how sanctions could impact transactions with  Iranian companies and the risks they pose. All these issues are the  subject of upcoming discussions and work already underway. The Prime  Minister emphasized the need to study the document's contents, after  which appropriate conclusions can be drawn. It is entirely possible  that no action will be required. Pashinyan cited Russia as an  example, which is also subject to sanctions, but this did not prevent  Yerevan from trading with Moscow.

As a reminder, on August 24, the Donald Trump administration  implemented a framework of secondary sanctions against countries and  companies doing business with Iran. Having failed to achieve its  objectives during a six-month military campaign, the US is now hoping  to economically crush Iran, which has already endured trade  restrictions for decades. At a press conference in Washington, US  Treasury Secretary Scott Bessent called the measures being introduced  "an economic D-Day," hinting that the consequences would be as  significant as the American landing in Normandy in June 1944.

The announced measures are intended to serve as a strong warning to  Iran's remaining trading partners- they are threatened with being cut  off from the American financial system. "We are launching an economic  offensive against Iran's financial connections around the world. "Our  goal is to cut off any supply lines that support this tyrannical  regime so that Tehran is left alone," Bessent stated. According to  him, the US Treasury Department has tracked supply networks from  Iran, intermediaries, and financial channels used to circumvent  existing restrictions on oil sales. The new sanctions target five  economic sectors: digital, technology, precious metals trading,  aviation, and shipping. Iran has, until recently, conducted trade in  each of these sectors that supported its economy. In addition, direct  sanctions have been imposed on nearly 60 individuals, companies, and  vessels. All of them are prohibited from using dollar-denominated  financial channels.