Iran’s Currency Network Sanctioned
- US Sanctions Iran Currency Network After Nuclear Deal Withdrawal
Thursday, the US Treasury imposed sanctions against 6 individuals and 3 companies it said had funneled millions of dollars to the Iranian Revolutionary Guard’s elite Qods Force, just days after President Donald Trump withdrew from the Y 2015 Iran nuclear deal.
The Treasury Department acted with the United Arab Emirates (UAE) to disrupt the network and accused Iran’s central bank of actively helping the group to access USDs held in foreign bank.
“The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire U.S. dollars to fund the IRGC-QF’s malign activities, including to fund and arm its regional proxy groups, by concealing the purpose for which the U.S. dollars were acquired,” Secretary Mnuchin said in a statement.
The 6 individuals and 3 entities were sanctioned under US regulations targeting specially designated global terrorist suspects and Iranian financial activity, the Treasury said.
The crackdown comes 2 days after President Trump withdrew from the Y 2015 arms accord and as US Secretary of State Mike Pompeo pushes allies in Europe, Asia and the Middle East to pressure Iran to return to negotiations over its nuclear and missile programs.
President Trump’s decision has given grace periods of 90 days to 6 months for companies to wind down their trade with Iran.
Latest posts by Paul Ebeling (see all)
- Target (NYSE:TGT) at Record Highs on Sales Beat, Raised Forecast - November 20, 2019
- FOMC Mins: Divided Policy Makers Felt 3 Rate Cuts this Year ‘Should’ be Enough - November 20, 2019
- The Coldest and Richest Towns in the USA - November 20, 2019