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U.S. Slaps Sweeping New Sanctions on Iran’s Terror-Linked Banking Sector

U.S. Slaps Sweeping New Sanctions on Iran’s Terror-Linked Banking Sector

Reuters: New sanctions “may spook European banks” from doing business with Tehran.

https://www.youtube.com/watch?v=Fkt0ft0raDM&t=15s

The United States on Thursday placed sweeping sanctions on Iran’s banking sector, crippling the regime’s ability to finance global terrorism. The latest sanctions announced by the White House are perhaps the toughest measures against the regime-linked banks since President Donald Trump withdrew the U.S. from the Obama-Biden nuclear deal two years ago.

The action will “deny the Iranian government financial resources that may be used to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence,” the Treasury Department said in a statement on Thursday.

The new set of sanctions will also target foreign banks colluding with rogue Iranian financial institutions. The move will “penalise non-Iranian institutions trading with them, effectively cutting the banks off from the international financial system,” BBC explained.

The Associated Press reported the latest U.S. sanctions of Iran:

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 announcement comes as a big blow to European banks keen on doing business with the Islamic Republic. Foreign banks found dealing with these blacklisted banks may lose access to the U.S. financial market.

“The move freezes any U.S. assets of those blacklisted and generally bars Americans from dealing with them, while extending secondary sanctions to those who do business with them.” news agency Reuters reported.  “This means foreign banks risk losing access to the U.S. market and financial system.”

Reuters also noted that the new sanctions “may spook European banks” from doing business with Tehran. “Analysts said the secondary sanctions may further deter European and other foreign banks from working with Iran,” the news agency added.

The lure of lucrative oil and financial deals have driven Germany, France, and other European powers to oppose President Trump’s policy of maximum pressure on the regime. These countries have sided with Russia and China, in their opposition to the recent snapback sanctions on Tehran proposed by President Trump.

According to the U.S. State Department, Iran is the world’s biggest state sponsor of terrorism. Its financial sector plays a key role in funding proxy terror groups and terrorist activities abroad.

Banks sanctioned under the latest move are regulated by regime-controlled Central Bank of Iran (CBI). Iran central bank is known to have provided “support to the Islamic Revolutionary Guards Corps (IRGC), its Qods Force (IRGC-QF), and its terrorist proxy, Hizballah,” Treasury Department’s statement said.

Despite contrary media reports, food, medicine, and other humanitarian activities have been exempted from the sanctions. Treasury Secretary Steven Mnuchin assured that the U.S. “will continue to allow for humanitarian transactions to support the Iranian people.”

This did not stop the mainstream media from bashing President Trump and his adminstration. “Trump administration imposes crushing sanctions on Iran in defiance of European humanitarian concerns,” the Washington Post commented. Unnamed “European officials have doubted the effectiveness of such moves,” the newspaper complained.

CNN quoted unnamed U.S. officials accusing  Secretary of State Mike Pompeo of “creating a more toxic environment in the region” by going after regime-linked banks.

‘Trump admin set to reimpose UN sanctions on Iran’

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Comments

I guess his remark on Rush yesterday wasn’t bluster.

JusticeDelivered | October 10, 2020 at 12:52 pm

“I will never allow Iran to have nuclear weapon”

I think that maybe we should allow Iran to study 2-3, their last thought before being vaporized being “incoming”.

Any word on how hard hit Mr Pellets of Cash is about these sanctions?

    notamemberofanyorganizedpolicital in reply to mailman. | October 10, 2020 at 1:41 pm

    Bet all the Democrats have big investments in those terrorist Iranian Banks.

    Just like Pelosi has big Investments in the criminal company known as crowdstrike.

    Pelosis Take Big Stake In CrowdStrike, Democrat-Connected Linchpin Of Russia Probe – Zero Hedge

BierceAmbrose | October 10, 2020 at 2:40 pm

Jeffy’s student paper seems to think we’re a territory of the European Empire. Kinda ironic given El Heffe’s distain for their jurisdiction n structural avoidance of any E U thing he finds inconvenient.

It’s just Bezos being Bezos. Governance for thee; not for me.

Recall that no e-thingie had to collect state sales tax when that helped Amazon margins, cash flow, n velocity. Just look at their PR from the time.

Once established enough that doing that became a barrier to his competitors, time to do the other thing … with The Washington Poo propagandizing first the one, then the other. (Why do you think he bought it?)

BTW, massive PR to steer “the market” to what is best for the company, n hegemony is what’s best is only one of the several things The Internet Visionary(tm) Bezos copied from Micro$oft (with suitable PR cover, of course.)

Lucifer Morningstar | October 10, 2020 at 2:50 pm

The new set of sanctions will also target foreign banks colluding with rogue Iranian financial institutions. The move will “penalise non-Iranian institutions trading with them, effectively cutting the banks off from the international financial system,” BBC explained.

But I thought that Germany, France, and the UK had established an independent financial system outside the regular “international financial system” in order for them to continue to do business with the Iranian regime despite any sanctions the United States might impose. So what happened to that.

    Vijeta Uniyal in reply to Lucifer Morningstar. | October 11, 2020 at 11:55 am

    That is indeed in place. We reported about the Iran-EU payment vehicle in past. But that based on barter system. Mostly oil-for-goods transaction. No money trail involved.

    These sanctions targets major Iranian banks. And those doing business with them, in Europe or elsewhere.

Lucifer Morningstar | October 10, 2020 at 3:00 pm

Here’s the announcement if anyone is wondering.

UK, France and Germany create payments system to trade with Iran

https://www.bbc.com/news/business-47072020

European humanitarian concerns

Everybody step away from WaPoo — that’s gonna be one hell of a lightning strike.

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