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President Obama Signs Order for New Sanctions Targeting Iranian Currency

By Dan Robinson, VOA

WHITE HOUSE – U.S. President Barack Obama on Monday signed an order imposing additional sanctions on Iran, for the first time directly targeting Iran’s currency, the rial. It’s the latest U.S. step to increase pressure on Iran to change course on its nuclear program.


A woman walking past a currency exchange shop in Tehran

The executive order further intensifies the second track of the Obama administration’s strategy on Iran, which aims to increase the economic costs, and further isolate the Islamic Republic from the global financial system.

It authorizes sanctions on foreign financial institutions that knowingly conduct or facilitate significant transactions for the purchase or sale of the Iranian rial, or that maintain significant accounts outside Iran denominated in the Iranian rial.

Senior administration officials said no specific dollar amount is specified, although regulations contain some guidance on this.

The idea, said one official, is to make the Iranian currency „essentially unusable outside of Iran,“ as part of the overall effort to apply „significant financial pressure“ on the government of Iran.

The order also targets what is called a major revenue generator, Iran’s automotive sector, building on sanctions in legislation President Obama signed this past January. Lies den Rest dieses Beitrags

US Sanctions Iran Currency, Auto Industry

On June 3, the United States imposed sanctions for the first time on Iran’s currency, the rial. Foreign financial institutions may now face penalties if they “knowingly conduct or facilitate significant transactions” involving the rial― which has already lost half its value since January 2012. The executive order’s objective is to render the currency unusable outside of Iran, a senior administration official said during a conference call. Iran conducts very little trade in the rial. So the measure may also be aimed at further depreciating its value and making Iranians feel more uneasy about holding their own currency. The executive order also authorizes new penalties on Iran’s automotive industry. And it allows the sanctioning of any individuals who help Iranians and others previously blacklisted by the Treasury.

      The Obama administration has now implemented nine sets of sanctions on Iran. An official said that the timing of the latest measure was not tied to the June 14 presidential election. So the timing may have more to do with pressuring Iran ahead of nuclear negotiations expected to resume after the election hiatus. The following is the complete text of the White House press statement, including links to the executive order and the president’s message to Congress.
            Today the President approved a new Executive Order (E.O.) to further tighten U.S. sanctions on Iran and isolate the Iranian government for its continued failure to meet its international obligations.
            This new action targets Iran’s currency, the rial, by authorizing the imposition of sanctions on foreign financial institutions that knowingly conduct or facilitate significant transactions for the purchase or sale of the Iranian rial, or that maintain significant accounts outside Iran denominated in the Iranian rial.  While the rial has lost half of its value since the beginning of 2012 as a result of our comprehensive sanctions, this is the first time that trade in the rial has been targeted directly for sanctions. Lies den Rest dieses Beitrags

Iran Sanctions Act Removal – 15.04.2013

OFFICE OF FOREIGN ASSETS CONTROL


The following ISA sanctioned names have been removed from this publication:

Allvale Maritime Inc., 80 Broad Street, Monrovia, Liberia
Société Anonyme Monégasque D’Administration Maritime Et Aérienne (a.k.a. S.A.M.A.M.A., a.k.a. SAMAMA), Villa Saint Jean, 3 Ruelle Saint Jean, MC 98000, Monaco
Tanker Pacific Management (Singapore) Pte Ltd, 1 Temasek Avenue, #38-01,Millenia Tower, Singapore 039192

Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Sanctions Act of 1996, as Amended
On May 23, 2011, the President signed Executive Order (“E.O.”) 13574, “Authorizing the Implementation of Certain
Sanctions Set Forth in the Iran Sanctions Act of 1996, as Amended.” E.O. 13574 states that the Secretary of the
Treasury, pursuant to authority under the International Emergency Economic Powers Act (“IEEPA”), shall implement
certain sanctions that the Secretary of State imposes and selects under the pre-existing authority of the Iran Sanctions Act
of 1996 (“ISA”) as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
(“CISADA”).
As amended by CISADA, ISA requires the Secretary of State, pursuant to authority delegated by the President, to impose
or waive sanctions on persons determined to have made certain investments in Iran’s energy sector or to have engaged
in certain activities relating to Iran’s refined petroleum sector. E.O. 13574 provides IEEPA implementation and
enforcement authority for the five ISA sanctions that regulate private conduct.
Among other sanctions, the Secretary of State has chosen to impose an ISA sanction on the persons listed below that
involves a prohibition on U.S. financial institutions making certain loans or credits as of the following dates:
January 12, 2012:
(1) Fal Oil Company Ltd., Sultan Al Awal Street (Sheikh Sultan Bin Awal Road), Near Mina Sea Port, Near Mina Khalid Road, Al Khan
Area, Sharjah, Sharjah, United Arab Emirates; Telephone: 97165029999; Telephone: 97165280861; Telephone: 97165286666;
Telephone: 97165283334; Telephone: 97165283323; Telephone: 97165022234; Telephone: 97165029999; Telephone: 97165029804;
Telephone: 97165029914; Telephone: 97165029824; Telephone: 97165281737; Telephone: 97165029814; Telephone: 97165029825;
Telephone: 97165029840; Telephone: 97165029863; Telephone: 97165029842; Telephone: 97165029819; Telephone: 97165029836;
Telephone: 97168029939; Fax: 97165281437; Fax: 97165280861
(2) Kuo Oil (S) Pte. Limited, 200 Cantonment Road, #15-00 Southpoint, Singapore 089763, Singapore; Telephone: 6563184677; Fax:
6562243040
(3) Zhuhai Zhenrong Company, Zhenrong Building, 121, DaTunli, Chaoyang District, Beijing 100108, China; Telephone: 861052925900;
Fax: 861052025900
Accordingly, the Director of the Office of Foreign Assets Control has prohibited U.S. financial institutions from making
loans or providing credits totaling more than $10,000,000 in any 12-month period to any person listed above unless such
person is engaged in activities to relieve human suffering and the loans or credits are provided for such activities.
While the above referenced persons are subject to certain ISA sanctions, including a prohibition on the loans or credits
explained above, this action does not make such persons Specially Designated Nationals or Blocked Persons (SDNs).
Their names do not appear on the SDN List, and their property and/or interests in property are not blocked, pursuant to
this action.

 

Source:OFAC

 

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