Published: Wed, May 16, 2018
People | By Neil Grant

United States imposes sanctions against Iran central bank governor

United States imposes sanctions against Iran central bank governor

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". Seif, whose position is equal to the Federal Reserve chairman within the USA, oversees main monetary selections in Iran.

Tuesday, The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on multiple entities labeled as terrorists, "all of whom have moved millions of dollars on behalf of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) to Hizballah".

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

Historic deal on Iran's nuclear program from 2015 provides for the removal of sanctions against Iran in exchange for limiting its opportunities for the enrichment and storage of nuclear materials.

The sanctions on Seif and Tarzali do not extend to the Bank of Iran; however, President Trump's decision to leave the JCPOA and reimpose sanctions will extend to some of the central bank's transactions. The Iraqi bank and its chairman also are being punished with sanctions.

The U.S. said it would also sanction Seif; they are secondary sanctions, which means if someone does business with him, they could be cut off from the U.S. financial system, the Associated Press pointed out.

The move against Seif came one week after President Donald Trump withdrew from the Iran nuclear accord and signalled plans to ratchet up pressure on the Iranian economy, and especially on the economic power of the Revolutionary Guards. On this case, the US selected to additionally impose "secondary sanctions", which additionally apply to non-Individuals and non-U.S. firms. Habib and the bank are also subject to secondary sanctions.

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 . Those funds were then used to "enrich and support the violent and radical agenda of Hezbollah", Treasury said.

Lebanon's Hezbollah, the highly effective Shiite guerrilla power that can also be a outstanding political participant in Lebanon, has lengthy helped perform Iran's global coverage targets within the Arabic-speaking world.

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