- US Moves To Cut Off Iran From Global Economy
by Tyler Durden, https://www.zerohedge.com/
Six years after SWIFT cut ties with Iranian banks during the last round of Western sanctions on the Persian nation, on Thursday afternoon the U.S. took another step toward cutting Iran off from the global economy when the US Treasury announced it was levying sanctions on a financing network and accusing the country’s central bank of helping funnel U.S. dollars to the blacklisted elite military unit of the Iranian Revolutionary Guard known as the Quds Force, the WSJ reported.
Acting together with the United Arab Emirates, the US Treasury said that it had sanctioned six individuals and three “front companies engaged in a large-scale currency exchange network that has procured and transferred hundreds of millions” of dollars to Iran’s elite military force; overnight Israel’s government blamed the the same Quds Force for rocket attacks from Syria Wednesday night, an action that triggered massive retaliatory strikes by Israel’s military against Iranian targets in Syria, escalating the risk of a wider regional war.
In Washington, Treasury Secretary Steven T. Mnuchin accused “the Iranian regime and its Central Bank” of misusing banking access in the UAE to acquire US dollars to fund the IRGC-QF’s “malign activities, and to arm its “regional proxy groups.” The new sanctions also ban US individuals and entities from doing business with the currency network.
Mnuchin alleged that the sanctioned entities had concealed the acquisition of funds and transfers: “We are intent on cutting off IRGC revenue streams wherever their source and whatever their destination.”