US Treasury, UAE sanction Iran money exchange network

Posted May 14, 2018

"Europe can not act independently over the nuclear deal", Brigadier General Hossein Salami the deputy head of the elite Iranian Revolutionary Guards (IRGC) said, according to the semi-official Fars news agency, after Britain, France and Germany said they remain committed to the deal.

The deputy head of Iran's Revolutionary Guards Hossein Salami yesterday said that it is important to rely on resistance rather than diplomacy in order to face the economic war waged by the West against his country, the semi-official Fars news agency reported.

The US and UAE accused Iran's central bank of helping the group access US dollars held in foreign banks to sidestep Western sanctions.

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Treasury Secretary Steven Mnuchin said they were targeted at those who had funnelled millions of dollars to the group. Last month the U.S. said Iran bore "full responsibility for the consequences of its reckless actions".

Mr Mnuchin also lauded the UAE's role, saying "the Treasury Department thanks the UAE for its close collaboration on this matter".

The new sanctions on the currency network ban United States individuals and entities from doing business with them, aiming to lock them out of global dollar networks. "Countries around the world must be vigilant against Iran's efforts to exploit their financial institutions to exchange currency and fund the nefarious actors of the IRGC-QF and the world's largest state sponsor of terror".

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Just three days after pulling out of the Iran nuclear deal the USA has begun to make good on Donald Trump's promise to increase sanctions against Tehran.

"It was clear that the Americans are unreliable and [the USA exit] proved once again that Washington can not be trusted", he said, as reported by Fars News Agency.

Trump's decision has given grace periods of 90 days to six months for companies to wind down their trade with Iran.

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The agreement was made by Iran and the USA, the UK, Russia, France, China, Germany and the European Union to ensure Iran's nuclear programme was exclusively peaceful.