U.S. hits head of Iran's central financial institution with terror sanctions

U.S. hits head of Iran's central financial institution with terror sanctions

U.S. hits head of Iran's central financial institution with terror sanctions

"A senior Bank official of Iran has helped...the financing of terrorist groups such as Hezbollah, the US will deter the increasingly brazen abuse of Iran to the worldwide financial system", - quotes Bloomberg Mnuchin.

Iraq-based Al-Bilad Islamic Bank has also been included in the sanction list for allegedly moving millions of dollars on behalf of the IRGC to Hezbollah.

Seif, a profession banker, grew to become the pinnacle of Iran's Central Financial institution in 2013 underneath President Hassan Rouhani, who shepherded the nuclear deal.

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"The United States will not permit Iran's increasingly brazen abuse of the worldwide financial system", Mnuchin added.

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 sanctions against the high-level Iranian official are the first since US President Donald Trump announced his withdrawal from the 2015 nuclear deal, however the new administration has both drafted and passed several new sanctions bills as part of a more aggressive stance towards Hezbollah.

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With this, the Treasury Department is trying to clamp down on Iran's ability "to abuse the US and regional financial systems". While Iran's regular military, the Iranian Army or the Artesh, exists to defend the nation's borders from outside enemies, the IRGC exists specifically to counter domestic affairs in order to protect the country's radical Islamic system. "The worldwide neighborhood should stay vigilant towards Iran's misleading efforts to supply monetary help to its terrorist proxies". USA officers had been reaching out Tuesday to central banks in different nations within the Middle East and Europe to tell them of the sanctions and encourage them to right away freeze belongings the financial institution has overseas.

Sometimes, when the USA punishes people with sanctions, it prohibits Individuals or US firms from doing enterprise with them.

On Thursday, the Treasury announced sanctions against a "large-scale" currency exchange network serving the Revolutionary Guards, hitting six individuals and three companies at the centre of the network.

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President Trump in April said Iran would pay a "price" if it threatens the U.S. It accused him of helping the Iranian Revolutionary Guard Corps in transferring millions of dollars to Lebanon's "Hezbollah" group. Hezbollah fought a war with Israel in 2006, and Israeli officials have been deeply concerned about the prospect of another confrontation.

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