The Trump administration is considering sanctioning Iran’s entire financial system to cut it off from the outside world, Bloomberg news agency reported.

The sanctions will specifically target around 14 Iranian banks that have so far escaped US restrictions, the report said on Monday, citing three people familiar with the matter. The initiative, if approved, will designate the financial sector, including money-changers and informal payment transfer processors, on par with mining, construction and other sanctioned industries.

The move, which would effectively leave Iran isolated from the global financial system, has not yet been submitted to President Donald Trump as of yet, the report added.

Several counties are against reimposing punitive measures against Tehran. EU High Representative for Foreign Affairs Josep Borrell said in a statement that the US could not unilaterally restore international sanctions on Iran on the basis of the agreement it withdrew from.

Under President Donald Trump’s directive, the US has pursued a maximum pressure campaign against Iran by abandoning the nuclear deal and reinstating sanctions.