A group of top Republican Senators has petitioned the White house to sanction “the entirety of Iran’s financial sector”, The Washington Free Beacon reported. The move would further isolate Iran from the global banking system.

The Senators led by Tom Cotton (Ark.) have written to President Donald Trump September 17, urging him to sanction the entirety of Iran’s banking sector, which is still connected to SWIFT, the primary correspondence and fund transfer global system among banks. During the Obama era international sanctions on Iran SWIFT stop doing business with Tehran.

Many Iranian banks, including its Central Bank, are under direct US sanctions and are practically shunned by banks in other countries. Also, transactions in US dollars for Iran is banned and all key financial institutions in the world refrain from doing business with Iran.

However, the Senators in their letter say, "At least 14 Iranian banks remain open and connected to the SWIFT financial messaging network for sanctions-free financial transactions, providing the regime a crucial economic lifeline.” They further tell the White House that these banks may be used by the Central Bank of Iran “as fronts for its activities.”

The Trump administration seems to be ready to declare all previous UN sanctions restored and begin acting on that basis, if the Security Council today or tomorrow rejects the US demand to reimpose those sanctions in retaliation for Iran’s violation of the 2015 nuclear agreement.

In addition to Cotton, the letter was co-signed by Sens. John Cornyn (R., Texas), Ted Cruz (R., Texas), Marco Rubio (R., Fla), Rick Scott (R., Fla) and Thom Tillis (R., N.C.).

"Iran's desperate economic circumstances provide a critical opportunity for the United States to force the regime to abandon its malign activities and return to the negotiating table on your terms," the senators argued in their letter. "Dealing a further, final blow to Iran's financial industry is an effective means towards achieving this result."