Plus   Neg

Trump Administration Imposes Sanctions On Iran's Central Bank

donald trump2 113018 20sep19 lt

Following President Donald Trump's orders, the Treasury Department announced Friday that the U.S. has imposed sanctions on Iran's central bank in response to the attacks on Saudi Arabian oil facilities last weekend.

The Treasury Department claims Iran's Central Bank has provided billions of dollars to the Islamic Revolutionary Guards Corps, its Quds Force, or IRGC-QF, and its terrorist proxy, Hizballah.

Sanctions were also imposed on Iran's National Development Fund, or NDF, which the Treasury called a major source of foreign currency and funding for the IRGC-QF and Iran's Ministry of Defense and Armed Forces Logistics, or MODAFL.

Additionally, the Treasury also took action against Etemad Tejarate Pars Co., an Iran-based company allegedly used to conceal financial transfers for MODAFL's military purchases, including funds originating from the NDF.

The new sanctions come as U.S. officials have pointed the finger at Iran for the crippling attacks on the Saudi oil facilities, although Iran has denied that it was behind the attacks.

"Iran's brazen attack against Saudi Arabia is unacceptable," said Treasury Secretary Steven Mnuchin. "Treasury's action targets a crucial funding mechanism that the Iranian regime uses to support its terrorist network."

He added, "The United States will continue its maximum pressure campaign against Iran's repressive regime, which attempts to achieve its revolutionary agenda through regional aggression while squandering the country's oil proceeds."

Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence, also noted the U.S. is putting other governments on notice that they are risking the integrity of their financial systems by continuing to work with Iran's central bank, which he called the regime's "arm of terror finance."

The actions by the Treasury come after Trump revealed in a post on Twitter on Wednesday that he ordered Mnuchin to impose additional sanctions on Iran.

"I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!" Trump tweeted.

(Photo: Michael Vadon)

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT