World

Trump administration hits Iran's central bank with terror sanctions

Trump administration hits Iran's central bank with terror sanctions

At that time, the Department of the Treasury called out Iran's Central Bank for being "complicit in the IRGC-QF's scheme", noting that the financial institution "actively supported this network's currency conversion and enabled its access to funds that it held in its foreign bank accounts".

The U.S. Treasury Department also issued economic sanctions against another top official, in addition to Seif.

The United States slapped sanctions Tuesday on Valiollah Seif, the governor of the Central Bank of Iran, accusing him of helping the country's Revolutionary Guard Corps transfer millions of dollars to Lebanon's Hezbollah.

"The United States will not permit Iran's increasingly brazen abuse of the worldwide financial system", Treasury Secretary Steven Mnuchin said.

Tuesday's action seeks to cut off what the USA called a "critical" banking network for Iran and deny those blacklisted access to the global financial system.

The exact ramifications of the sanctions for Iran's economy were not immediately clear. It said, however, that sanctions being reimposed after the withdrawal of the United States from the Iran nuclear deal would affect certain US dollar transactions by the central bank starting from August 7, 2018. These secondary sanctions affect individuals' ability to open or maintain a correspondent or a payable-through account in the United States. That means that anyone, in any country, who does business with Seif or Tarzali could themselves be punished with sanctions, cutting them off from the US financial system.

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At the time, the United States singled out the Central Bank of Iran as "complicit" in the operation, foreshadowing Tuesday's action.

On may 8 the President of the United States Donald trump announced the withdrawal from the agreement on Iran's nuclear program and has announced new sanctions against the Iranian regime. The U.S. said that the sanctions did not extend to Iran's central bank itself.

President Trump has always been critical of the Obama-era agreement, calling it an "embarrassment" and "one of the worst and most one-sided transactions the United States has ever entered into".

The Treasury's Office of Foreign Assets Control said Seif and Ali Tarzali, the assistant director of the worldwide department at the central bank of Iran, would be sanctioned, Bloomberg reported.

The sanctions had been anticipated to be adopted by extra U.S actions within the coming weeks, because the Trump administration works to dismantle the principle banking conduits exploited by Iran and its Revolutionary Guards to transform Iranian rials into euros or . Hezbollah fought a battle with Israel in 2006, and Israeli officers have been deeply involved concerning the prospect of one other confrontation.


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