US sanctions nine Iranians, entities over currency exchange network 

The decision came on the heels of US President Donald Trump's announcement to withdraw from the historic Iran nuclear deal, Xinhua reported.

Published: 11th May 2018 08:10 AM  |   Last Updated: 11th May 2018 08:10 AM   |  A+A-


Foreign currency (File Photo | Reuters)


WASHINGTON: US Department of the Treasury said on Thursday that it has imposed sanctions against nine Iranian individuals and entities it accused of transferring millions of dollars to the Islamic Revolutionary Guard Corps-Qods Force.

The decision came on the heels of US President Donald Trump's announcement to withdraw from the historic Iran nuclear deal, Xinhua reported.

The Treasury said that it was working with the United Arab Emirates (UAE) to "disrupt an extensive currency exchange network in Iran and the UAE that has procured and transferred millions in US dollar-denominated bulk cash to Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) to fund its malign activities and regional proxy groups." 

Iran's Central Bank "was complicit in the IRGC-QF's scheme and actively supported this network's currency conversion and enabled its access to funds that it held in its foreign bank accounts," the Treasury said in a statement.

Iran has "abused access to entities in the UAE to acquire US dollars to fund the IRGC-QF's malign activities, including to fund and arm its regional proxy groups, by concealing the purpose for which the US dollars were acquired," Treasury Secretary Steven Mnuchin said in the statement. 

As a result of these actions, all property and interests in property of those designated today subject to US jurisdiction are blocked, and US persons are generally prohibited from engaging in transactions with them. 

In addition, foreign financial institutions that knowingly facilitate significant transactions for, or persons that provide material or certain other support to, the individuals and entities designated on Thursday risk exposure to sanctions that could sever their access to the US financial system or block their property and interests in property under US jurisdiction, said the Treasury.

It added that due to Trump's decision to cease the US participation in the Joint Comprehensive Plan of Action (JCPOA), "as of August 7, 2018, the United States Government will re-impose sanctions on the purchase or acquisition of US dollar banknotes by the Government of Iran." 

Trump's move on Tuesday has sparked global outcry for its potential undermining of the multilateral treaty and the unilateral imposition of long-arm jurisdiction that would cost other nations' economic interests.

Stay up to date on all the latest World news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp