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U.S. sanctions Iran’s financial sector

U.S. sanctions Iran’s financial sector

Oct. 8 (UPI) — The Trump administration on Thursday levied new sanctions on Iran’s financial sector in response to the country’s terror activities and nuclear program, the Treasury Department announced.

The department said it targeted 16 Iranian banks, a 17th bank that’s owned or controlled by a sanctioned bank and an 18th bank affiliated with the Iranian military. The U.S. government previously sanctioned most other Iranian banks.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” Treasury Secretary Steven Mnuchin said. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

The Trump administration imposed the sanctions under an executive order to prevent the Iranian government from fundings its nuclear program, missile development, terrorism and other “malign regional influence.”

European governments have warned that such sweeping sanctions will threaten Iran’s ability to import humanitarian items, including food and medicine. The country already is facing economic challenges over the coronavirus pandemic and a currency crisis.

The Trump administration in October 2019 established a channel to deliver humanitarian goods to Iran, but critics say pharmaceutical imports have declined sharply.

Among the entities targeted Thursday were Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank, Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank, Tourism Bank and the Islamic Regional Cooperation Bank.

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US Hits All of Iran’s Financial Sector With Sanctions | Business News

US Hits All of Iran’s Financial Sector With Sanctions | Business News

By MATTHEW LEE, AP Diplomatic Writer

WASHINGTON (AP) — The Trump administration has blacklisted virtually all of Iran’s financial sector, dealing another blow to an economy that is already reeling under U.S. sanctions. The move will deepen tensions with European nations and others over Iran.

Thursday’s move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed U.S. sanctions and, more importantly, subjects foreign, non-Iranian financial institutions to penalties for doing business with them. Thus, it effectively cuts them off from the international financial system.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” said Treasury Secretary Steven Mnuchin. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

The action targets 16 Iranian banks for their role in the country’s financial sector, one bank for being owned or controlled by a another sanctioned Iranian bank and one military-affiliated bank, Treasury said in a statement. Some of them had been covered by previous designations but Thursday’s move places them all under the same authority covering Iran’s entire financial sector.

The targeted banks are the Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank, Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank, Tourism Bank and Islamic Regional Cooperation Bank.

Foreign companies that do business with those banks were given 45 days to wind down their operations before facing so-called “secondary sanctions.”

European nations have opposed the blanket financial services blacklisting because it will open up their

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US imposes sweeping new sanctions on Iran’s financial sector

US imposes sweeping new sanctions on Iran’s financial sector

The US unilaterally imposed sweeping sanctions on Iran’s financial sector in a move that critics say could have unintended consequences, including a detrimental impact on the ability of the Iranian people to access humanitarian resources.



a sign on the side of a building: The US Treasury Department building is seen in Washington, DC, on July 22, 2019. (Photo by Alastair Pike / AFP)    (Photo credit should read ALASTAIR PIKE/AFP/Getty Images)


© Alastair Pike/AFP/Getty Images
The US Treasury Department building is seen in Washington, DC, on July 22, 2019. (Photo by Alastair Pike / AFP) (Photo credit should read ALASTAIR PIKE/AFP/Getty Images)

Thursday’s tranche of sanctions — coming less than a month before the US presidential election — are the latest in the Trump administration’s “maximum pressure” campaign that they say is aimed at causing Tehran to change its behavior. That campaign — under which the administration walked away from the Iran nuclear deal — has left the US largely isolated from key European allies.

In a press release, the Treasury Department said it sanctioned 16 banks “for operating in Iran’s financial sector,” one bank “for being owned or controlled by a sanctioned Iranian bank,” and another bank affiliated with the Iranian military.

Under the new sanctions, “all property and interests in property of designated targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to” the Office of Foreign Assets Control.

“In addition, financial institutions and other persons that engage in certain transactions or activities with the sanctioned entities after a 45-day wind-down period may expose themselves to secondary sanctions or be subject to an enforcement action,” the Treasury Department said.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” Treasury Secretary Steven Mnuchin said in a statement. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs.

Secretary of State

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Trump Administration Moves To Throttle Iran’s Financial System As It Battles Covid-19

Trump Administration Moves To Throttle Iran’s Financial System As It Battles Covid-19

Topline

The U.S. Treasury Department on Thursday announced new restrictions targeting the few Iranian banks that hadn’t been subject to the sanctions Washington reimposed following its withdrawal from the multilateral nuclear deal with Iran, raising fears that the country could face difficulty bringing in food, medicine and other humanitarian necessities as it battles a severe coronavirus outbreak.

Key Facts

Treasury Secretary Steve Mnuchin identified 18 Iranian banks it would target with sanctions in order to choke off the country’s connection to the global economy.

While the Trump administration claimed the action would “allow for humanitarian trade,” European officials expressed concern that it would deprive Iran’s devastated economy of access to foreign currency to pay to import essential supplies.

Iran is battling a new rise in Covd-19 cases, seeing its highest-single day case number on Tuesday with 4,151, as well as a record 227 deaths on Monday, according to Al Jazeera.

In August, the U.S. attempted to “snapback” sanctions that were lifted by the multilateral nuclear deal struck in 2015, but the U.N. Security Council announced all 15 member countries except the Dominican Republican rejected the proposal, deeming it illegal given Trump’s withdrawal from the agreement.

The sanctions are meant to dissuade Iran from developing nuclear weapons, but since Trump’s controversial withdrawal from the global pact

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US hits all of Iran’s financial sector with sanctions

US hits all of Iran’s financial sector with sanctions

WASHINGTON (AP) — The Trump administration has blacklisted virtually all of Iran’s financial sector, dealing another blow to an economy that is already reeling under U.S. sanctions. The move will deepen tensions with European nations and others over Iran.

Thursday’s move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed U.S. sanctions and, more importantly, subjects foreign, non-Iranian financial institutions to penalties for doing business with them. Thus, it effectively cuts them off from the international financial system.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” said Treasury Secretary Steven Mnuchin. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

The action targets 16 Iranian banks for their role in the country’s financial sector, one bank for being owned or controlled by a another sanctioned Iranian bank and one military-affiliated bank, Treasury said in a statement. Some of them had been covered by previous designations but Thursday’s move places them all under the same authority covering Iran’s entire financial sector.

The targeted banks are the Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank, Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank, Tourism Bank and Islamic Regional Cooperation Bank.

Foreign companies that do business with those banks were given 45 days to wind down their operations before facing so-called “secondary sanctions.”


European nations have opposed the blanket financial services blacklisting because it will open up their biggest banks and and other companies

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