The U.S. Just Sanctioned Major Banks In Iran
The US Department of Treasury announced in a press statement on October 8th the sanctioning of 18 major Iranian banks by the Office of Foreign Assets Control (OFAC), as follows:
16 banks for operating in Iran’s financial sector,
1 bank for being owned or controlled by a sanctioned Iranian bank,
1 military-affiliated bank designated under the US Treasury’s counter-proliferation of weapons of mass destruction (WMD).
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"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 of U.S. Treasury Steven T. Mnuchin.
“Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs," he said, stressing that this action "will continue to allow for humanitarian transactions to support the Iranian people."
The imposed sanctions on key sectors of Iran’s economy are intended to deny its government “financial resources that may be used to fund and support its nuclear program, missile development, terrorism, and terrorist proxy networks, and malign regional influence,” the statement said.
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The State Treasury's general license to block the Iranian financial institutions excludes transactions related to medical and food supplies for Iran.
The sanctioned banks are:
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),
Tourism Bank
Islamic Regional Cooperation Bank, was sanctioned for being owned or controlled by Eghtesad Novin Bank.
Hekmat Iranian Bank, which has merged in May with Bank Sepah. The latter is accused of serving as "a financial platform for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) to pay its agents abroad."
It is to note that the Central Bank of Iran (CBI), which regulates and supervises the now-sanctioned banks, has been previously designated as well by the US Treasury for providing support to the Islamic Revolutionary Guards Corps (IRGC), its Qods Force, and Hezbollah.