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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

Executive Order Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 (IFCA) and Additional Sanctions With Respect to Iran and Guidance Related to IFCA and the Executive Order

Today the President has signed an Executive Order entitled “Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions With Respect to Iran (IFCA)”.  Concurrently with the issuance of the Executive Order, the Office of Foreign Assets Control (OFAC) is posting these frequently asked questions relating to the implementation ofIFCA and the Executive Order.

 

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