"As always, the parts of the economy that will be worst hit are the parts that are most internationally-connected," Marcus Chevenix, MENA analyst at independent research firm TS Lombard, told CNBC Tuesday. "And those parts in Iran are oil and banking. If I had to flag up an area that was very vulnerable it would be banking," he said. Chevenix said that if the U.S. decided to impose "secondary sanctions" on Iran, it could prevent European firms doing business with the country, even if they wanted to. Secondary sanctions deter other countries or institutions (such as European banks) from doing business with Iran because they don't want to be blacklisted - or "exposed" as Chenevix said - by the U.S. for doing so, effectively cutting off Iranian business from access to external investment and financial systems. "If Trump was to impose secondary sanctions, he could cut off the Iranian banking system from the rest of the world and that would take us back to a pre-2015 situation. The U.S. has all sorts of unilateral power here," he said.
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