New US Sanctions on 18 Iranian Banks
New Sanctions on Iranian Financial Institutions
US Choking the Iranian EconomyMaximum Pressure is Choking the IRI
Regime is Practically Bankrupt
Protests are Popping Up EverywhereSanctions are Drowning the IRI Regime
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IRI Hopes for a Biden VictoryIran Nuclear File Cartoon
Uncle Sam lends a helping hand to Khamenei drowning in the quicksand of the Iranian economy for the nuclear file cartoon*
US imposes new Iran sanctions that may spook European banksIsrael Hayom
https://www.israelhayom.com/New measures target 18 banks in an effort to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the US election.
The United States on Thursday slapped fresh sanctions on Iran's financial sector, targeting 18 banks in an effort to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the US election.
The move freezes any US assets of those blacklisted and generally bars Americans from dealing with them, while extending secondary sanctions to those who do business with them. This means foreign banks risk losing access to the US market and financial system.
The Treasury Department said in a statement the prohibitions did not apply to transactions to sell agricultural commodities, food, medicine or medical devices to Iran, saying it understood the need for humanitarian goods.
However, Iranian Foreign Minister Mohammad Javad Zarif accused the United States of targeting Iran's ability to pay for basic necessities during the COVID-19 pandemic.
"US regime wants to blow up our remaining channels to pay for food & medicine," Zarif said on Twitter. "Conspiring to starve a population is a crime against humanit
Iranian Central Bank governor Abdolnaser Hemmati dismissed the sanctions as political propaganda and played down their practical impact.
"Rather than having any economic effect, the American move is for US domestic propaganda and political purposes, and shows the falsity of the human rights and humanitarian claims of US leaders," Hemmati said in a statement.
Analysts said the secondary sanctions may further deter European and other foreign banks from working with Iran, even for permitted humanitarian transactions.
"It's like a punch in the face to the Europeans, who have gone out of their way to indicate to the Americans that they view it as being extremely threatening to humanitarian assistance or humanitarian trade going to Iran," said Elizabeth Rosenberg of the Center for a New American Security think tank.
"They also want ... to make it very difficult for any future president to be able to unwind these measures and engage in nuclear diplomacy," Rosenberg added, alluding to the possibility that Democratic candidate Joe Biden could defeat Republican President Donald Trump in the Nov. 3 US election.
Biden, who was vice president when the Obama administration negotiated the nuclear accord, has said he would rejoin the deal if Iran first resumed compliance with it.
Tensions between Washington and Tehran have soared since Trump unilaterally withdrew in 2018 from the 2015 Iran nuclear deal struck by his predecessor and began re-imposing US sanctions that had been eased under the accord.
The sanctions Trump has reinstated target everything from oil sales to shipping and financial activities. While they exempt food, medicine and other humanitarian supplies, many foreign banks are already deterred from doing business with the Islamic Republic - including for humanitarian deals.
Washington's latest move targeted what the Treasury described as 18 major Iranian banks, which were designated under authorities including US Executive Order 13902, which allows the Treasury Department to target entire sectors of the Iranian economy.
It named them as
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
Islamic Regional Cooperation Bank
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Sanctions on Iran’s Financial InstitutionsDepartment of State: Iran Sanctions
https://www.state.gov/iran-sanctions/Department of State
https://www.state.gov/PRESS STATEMENT
MICHAEL R. POMPEO, SECRETARY OF STATE
OCTOBER 8, 2020
Today, the United States is identifying the Iranian financial sector as subject to the terms of Executive Order (E.O.) 13902 and sanctioning 18 major Iranian banks, further depriving the Islamic Republic of Iran of funds to carry out its support for terrorist activities and nuclear extortion that threatens the world. These sanctions will take effect following a 45-day wind down period. This action includes imposing sanctions on 17 Iranian banks pursuant to E.O. 13902 for operating in Iran’s financial sector, or for being owned or controlled by sanctioned Iranian banks, and the designation of an additional Iranian military-affiliated bank pursuant to E.O. 13382, a counter-proliferation authority. Our maximum economic pressure campaign will continue until Iran is willing to conclude a comprehensive negotiation that addresses the regime’s malign behavior.
In March, while COVID-19 was spreading through Iran, regime officials asked Supreme Leader Khamenei to urgently release funds to respond to the outbreak. Despite Khamenei’s assurances to do so, Iran’s Health Minister revealed last week that the Health Ministry had received only a small fraction of those funds. The Health Minister asked “What are they using it for that could be more important?” We know the answer. In 2018 and 2019, Khamenei raided $4 billion from the Iranian National Development Fund for military expenses. And while the Health Ministry was pleading for resources to protect the Iranian people from the outbreak, Khamenei instead increased funding for the Islamic Revolutionary Guard Corps, a designated Foreign Terrorist Organization, by a third, and doubled the funding for the regime’s Basij forces that terrorize the Iranian people every single day.
Our sanctions are directed at the regime and its corrupt officials that have used the wealth of the Iranian people to fuel a radical, revolutionary cause that has brought untold suffering across the Middle East and beyond. The United States continues to stand with the Iranian people, the longest-suffering victims of the regime’s predations. Today’s actions pursuant to E.O. 13902 do not affect existing authorizations and exceptions for humanitarian exports to Iran, which remain in full force and effect. This action also does not affect activities authorized by the Iran Transactions and Sanctions Regulations (ITSR). For additional information, please see the Department of the Treasury and OFAC websites. We are committed to continuing the Iranian people’s access to humanitarian goods and other essential goods and services, and we reaffirm the United States’ offer to assist Iran in its response efforts to the COVID-19 outbreak.
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Treasury Sanctions Eighteen Major Iranian BanksOctober 8, 2020
WASHINGTON – Today, the Secretary of the Treasury, in consultation with the Secretary of State, identified the financial sector of the Iranian economy pursuant to section 1(a)(I) of Executive Order (E.O.) 13902, which authorizes Treasury to sanction any Iranian financial institution. Subsequently, the Office of Foreign Assets Control (OFAC) sanctioned eighteen major Iranian banks. As part of this action, OFAC sanctioned sixteen Iranian banks for operating in Iran’s financial sector and one bank for being owned or controlled by a sanctioned Iranian bank. Additionally, today’s action includes the designation of an Iranian military-affiliated bank under Treasury’s counter-proliferation authority.
“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 Secretary Steven T. 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.”
Treasury’s action was taken pursuant to E.O. 13902, which provides authority to identify and impose sanctions on key sectors of Iran’s economy in order to 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. Treasury also sanctioned one bank pursuant to E.O. 13382, which provides authority to impose sanctions on proliferators of weapons of mass destruction (WMD) and their supporters.
The action under E.O. 13902 does not affect existing authorizations and exceptions for humanitarian trade, which remain in full force and effect for these seventeen banks. This action also does not affect activities subject to a State Department-issued waiver or exception, or activities subject to an OFAC general or specific license.
SANCTIONS ON INSTITUTIONS OPERATING IN IRAN’S FINANCIAL SECTOR
Under the provisions of E.O. 13902, the Secretary of the Treasury identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities. Today’s sanctions targeted major banks operating in Iran’s financial sector.
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 (also known as Middle East Bank), Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank (also known as Cooperative Development Bank), and Tourism Bank were previously identified as Iranian financial institutions pursuant to E.O. 13599. Today, they were sanctioned as entities operating in Iran’s financial sector.
Additionally, Islamic Regional Cooperation Bank, also previously identified as an Iranian financial institution under E.O. 13599, was sanctioned pursuant to E.O. 13902 for being owned or controlled by Eghtesad Novin Bank.
In May 2020, Hekmat Iranian Bank, a bank servicing Iran’s armed forces, merged with Bank Sepah, which has served as a financial platform for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) to pay its agents abroad. Bank Sepah was designated on November 5, 2018 pursuant to E.O. 13382 for having provided support to MODAFL. Today, Hekmat Iranian Bank was also designated pursuant to E.O. 13382, as an entity owned or controlled by Bank Sepah.
The banks sanctioned today are subject to the supervision and regulation by the Central Bank of Iran (CBI), which was previously designated under E.O. 13224 for providing support to the Islamic Revolutionary Guards Corps (IRGC), its Qods Force (IRGC-QF), and its terrorist proxy, Hizballah.
SANCTIONS IMPLICATIONS
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 OFAC. OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons.
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.
Today’s action targets the Iranian regime and is not directed at the people of Iran. The U.S. government recognizes and understands the necessity for both commercial humanitarian exports and humanitarian transactions to access Iran’s banking system, and this action does not interfere with that ability. Concurrent with this action, OFAC is issuing a general license pursuant to E.O. 13902, authorizing transactions and activities involving Iranian financial institutions sanctioned under E.O. 13902 that are authorized, exempt, or otherwise not prohibited under the Iranian Transactions and Sanctions Regulations. For details, see General License L. In addition, OFAC is providing a 45-day period for non-U.S. persons to wind down non-humanitarian transactions that may become subject to sanctions as a result of sanctions under E.O. 13902.
OFAC is also issuing guidance in the form of FAQs, which set forth the 45-day wind down, provide further guidance on the scope of General License L, and outline the effects of sanctions under E.O. 13902 on U.S. and non-U.S. persons engaged in humanitarian trade and certain other transactions involving Iran, including non-U.S. persons’ secondary sanctions exposure. For specific information on humanitarian trade with Iran, reference OFAC’s FAQs and important advisories.