US  blacklisted key Iranian banks in a crippling blow to  the country’s financial sector

By Gary Raynaldo     DIPLOMATIC TIMES

The US Treasury has imposed sanctions on 18 Iranian banks and financial institutions effectively cutting them cut off from the international financial system. 

“Today, the United States is identifying the Iranian financial sector as subject to the terms of Executive Order (E.O.) 13902 and sanctioning 18 major Iranian banks, further depriving the Islamic Republic of Iran of funds to carry out its support for terrorist activities and nuclear extortion that threatens the world.”

-U.S. Secretary of State Mike Pompeo

The sanctions targeted major banks operating in Iran’s financial sector: 

Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank (also known as Middle East Bank), Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank (also known as Cooperative Development Bank), and Tourism Bank were previously identified as Iranian financial institutions pursuant to E.O. 13599.

Today, they were sanctioned as entities operating in Iran’s financial sector. Additionally, Islamic Regional Cooperation Bank, also previously identified as an Iranian financial institution under E.O. 13599, was sanctioned pursuant to E.O. 13902 for being owned or controlled by Eghtesad Novin Bank. In May 2020, Hekmat Iranian Bank, a bank servicing Iran’s armed forces, merged with Bank Sepah, which has served as a financial platform for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) to pay its agents abroad. Bank Sepah was designated on November 5, 2018 pursuant to E.O. 13382 for having provided support to MODAFL. Today, Hekmat Iranian Bank was also designated pursuant to E.O. 13382, as an entity owned or controlled by Bank Sepah.

These sanctions will take effect following a 45-day wind down period.

“Today’s action to identify the financial sector and sanction eighteen major Iranian banks reflects our commitment to stop illicit access to U.S. dollars,” said Secretary Steven T. Mnuchin. “Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs. Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”

-said U.S. Treasury Secretary Steven T. Mnuchin.

IRAN Foreign Minister Zavid Zarif Reacts,   accuses  U.S.  of  cutting off Iran’s “remaining channels to pay for food & medicine.”

Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine.

Iranians WILL survive this latest of cruelties.

But conspiring to starve a population is a crime against humanity. Culprits & enablers—who block our money—WILL face justice. pic.twitter.com/n0fnXPNik8

— Javad Zarif (@JZarif) October 8, 2020