US Imposes Sanctions on Iran Central Bank Governor over Terror Links

US Imposes Sanctions on Iran Central Bank Governor over Terror Links

Valiollah Seif, the governor of the Iranian central bank, was named a "specially designated global terrorist" along with another senior official, Ali Tarzali, who works in the central bank's worldwide division.

With this, the Treasury Department is trying to clamp down on Iran's ability "to abuse the USA and regional financial systems".

Beginning on August 7, the United States will impose sanctions "on the purchase or acquisition of U.S. dollars banknotes by the government of Iran", the U.S. Treasury Department said.

The two were named "specially designated global terrorists" for allegedly assisting in funneling millions of dollars on behalf of Iran's Islamic Revolutionary Guards Corps' Quds Force (IRGC-QF) to support Lebanon's Hizballah militia, the OFAC said in a statement.

"The United States will withdraw from the Iran nuclear deal", Trump said, calling the deal "defective at its core" and a "disastrous deal" that gave the Iranian "regime of great terror" billions of dollars.

Tuesday's action cutting off a critical banking network for Iran followed disruption of a currency network last week that is associated with IRGC-QF.

That deal, reached in 2015 and formally known as the Joint Comprehensive Plan of Action (JCPOA), sought to curb Iran's pursuit of a nuclear arsenal by providing significant sanctions relief for the country. Its actions are meant to build on President Trump's decision to withdraw the United States from the Iran Nuclear Deal (the Joint Comprehensive Plan of Action).

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The U.S. Treasury is also imposing sanctions on the Iraq bank and its chairman. The U.S. said that the sanctions did not extend to Iran's central bank itself. Seif and Tarzali are also being hit with secondary sanctions under Iranian Financial Sanctions Regulations (IFSR). Secondary sanctions also apply to non-Americans and non-U.S. companies.

President Trump has always been critical of the Obama-era agreement, calling it an "embarrassment" and "one of the worst and most one-sided transactions the United States has ever entered into".

Seif, as the central bank's governor, has helped guide Iran's economy through the web of sanctions in place on that country.

President Trump in April said Iran would pay a "price" if it threatens the U.S.

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. Those funds were then used to "enrich and support the violent and radical agenda of Hezbollah", Treasury said.

Al-Bilad Islamic Bank and its CEO and chairman, Aras Habib, were also hit with United States sanctions, as was Muhammad Qasir, who the Treasury said is a "Hezbollah" official who has been a "critical conduit" for transferring funds to "Hezbollah" from the Revolutionary Guards. Hezbollah fought a battle with Israel in 2006, and Israeli officers have been deeply involved concerning the prospect of one other confrontation.

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