Published: Wed, May 16, 2018
People | By Leon Thompson

U.S. imposes sanctions against governor of Iran's Central Bank

U.S. imposes sanctions against governor of Iran's Central Bank

The United States has imposed sanctions on the governor of Iran's central bank, accusing him of providing support for terrorist activities. Seif, whose role is equivalent to the Federal Reserve chairman in the US, oversees major financial decisions in Iran. Any transactions that contain his signature might doubtlessly run afoul of the sanctions, creating a powerful deterrent to worldwide governments or companies contemplating transactions involving Iran's central financial institution.

"The United States will not permit Iran's increasingly brazen abuse of the global financial system". "The worldwide neighborhood should stay vigilant towards Iran's misleading efforts to supply monetary help to its terrorist proxies".

The moves come as Trump's administration, after deeming the 2015 nuclear deal insufficiently tough on Iran, seeks to construct a global coalition to place enough pressure on Tehran that it comes back to the negotiating table to strike a "better deal".

Since leaving the deal, the Trump administration's plan has been to reimpose the sanctions lifted under the deal while also imposing secondary sanctions against countries that choose to trade with Iran. These Western "onerous currencies" might then be used to fund extremist parts, comparable to in Lebanon and Syria.

There was no immediate comment Tuesday night from Iranian officials. Iranian media initially reported the choice based mostly on reviews within the global media.

The U.S. faced a May 12 deadline to decide whether or not to remain in the Iran nuclear deal.

Typically, when the USA punishes individuals with sanctions, it prohibits Americans or US companies from doing business with them. On this case, the US selected to additionally impose "secondary sanctions", which additionally apply to non-Individuals and non-U.S. firms.

Beginning August 7, the US will impose sanctions on the purchase or acquisition of US dollar banknotes by Iran's government, the US Treasury Department said.

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Earlier this month, Iranian President Hassan Rouhani said in a live broadcast that if President Trump follows through with his promise to pull out of the Iran nuclear deal, the United States "will surely regret it". Seif often visits Washington to attend conferences of the Worldwide Financial Fund.

He has helped guide Iran's economy through the web of previous sanctions placed on that country.

Iran has promised to ramp up its nuclear program if the deal collapses, though many feel as though the deal has done little to diminish Iran's nuclear efforts anyway.

In a 2016 assembly of the Council on International Relation in Washington, Seif mentioned Iran achieved "virtually nothing" from the deal.

The United States on Tuesday sanctioned Iran's central bank governor Valiollah Seif and Iraq-based Al-Bilad Islamic Bank for trafficking millions of dollars for Iran's Islamic Revolutionary Guard, the second batch of sanctions by the Trump administration since it withdrew from the Iran nuclear deal last week.

The Treasury said Seif covertly moved "hundreds of millions of dollars" to Hezbollah from IRGC via Al-Bilad Islamic Bank.

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".

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