U.S. Sanctions Central Bank
The following is an excerpt of President Obama’s statement on new U.S. sanctions on Iran’s Central Bank.
- Under the order, the Government of Iran, the Central Bank of Iran, and all Iranian financial institutions are now blocked (i.e. their assets within the jurisdiction of U.S. persons are frozen).
- The U.S. sanctions in place since 1995 have required most transactions involving the Government of Iran, the Central Bank of Iran and all Iranian financial institutions to be rejected – that is, they could not pass through the U.S. financial system, but instead were turned back. Under the new E.O., transactions involving the Government of Iran, the Central Bank of Iran and all Iranian financial institutions that previously would have been rejected will now be blocked.
- All entities that meet the existing definition of “Government of Iran,” such as Iranian ministries, state-owned entities and commercial firms owned or controlled by the Government of Iran, are blocked. This includes entities bearing the [IRAN] tag on the Treasury Department’s Office of Foreign Assets Control’s (OFAC) List of Specially Designated Nationals and Blocked Persons (SDN List). Transactions by U.S. persons involving such entities are now blocked unless exempt or otherwise authorized. OFAC will continue to update the SDN List and may add, delete, or edit existing entries as appropriate.
- The E.O. does not change the sanctions that may be applied against foreign financial institutions engaging in arms-length transactions with certain Iranian financial institutions, including the Central Bank of Iran. Those foreign financial institutions remain at risk of U.S. sanctions if they engage in certain significant financial transactions with the Central Bank of Iran or certain other designated Iranian financial institutions pursuant to the NDAA, or the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA).
- Persons who currently use general or specific licenses from OFAC for transactions involving the Government of Iran or Iranian financial institutions should consult the OFAC website for new general licenses and other information on whether those transactions remain authorized under the new E.O.
- The E.O. delegates a number of other authorities provided in section 1245(d) of the NDAA, primarily to the Departments of the Treasury and State. These delegations will facilitate the implementation of section 1245 of the NDAA.
- Additional information describing the implementation of the NDAA under these delegated authorities will be made available in the near term.
To see the Fact Sheet on the Treasury Department's website, click here.
Click on the link to see the full text Executive Order - Blocking Property of the Government of Iran and Iranian Financial Institutions
The Islamists Are Coming
The Islamists Are Coming, edited by Robin Wright, surveys the rise of Islamist groups in the wake of the Arab Spring. Often lumped together, the more than 50 Islamist parties with millions of followers now constitute a whole new spectrum—separate from either militants or secular parties. They will shape the new order in the world’s most volatile region more than any other political bloc. Yet they have diverse goals and different constituencies. Sometimes they are even rivals.
New Articles Archive
Robin Wright's blog
Articles By Author
Recent New Articles Posts
06/18/2013 - 09:59
06/17/2013 - 11:31
06/17/2013 - 11:30
06/15/2013 - 21:34
06/15/2013 - 21:08
06/15/2013 - 20:40
06/15/2013 - 20:39
06/15/2013 - 19:50
06/15/2013 - 19:47
06/14/2013 - 09:04
06/13/2013 - 11:01
06/12/2013 - 16:34
06/11/2013 - 12:34
06/11/2013 - 10:19
06/11/2013 - 10:04