BICOM

The White House moved to enforce tightened sanctions against Iran on Monday because of the country’s nuclear programme, freezing all property of the Central Bank of Iran and other Iranian financial institutions in the United States. The new restrictions also penalise international financial institutions that continue to deal with Iran’s Central Bank. The actions were announced in an executive order signed by US President Obama. The measure could effectively isolate Iran’s central bank and cut off the sale of Iranian oil by obstructing the means of payment. Most of the revenue for oil sales by Iran is processed by its central bank.

Yesterday Iran’s Foreign Ministry spokesman Ramin Mehmanparast dismissed the new measures and stresse that the “sanctions will not have any impact on our nuclear course.”

In a letter to Congress monday, Obama said tougher sanctions are warranted “particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks.” He said the problems included the hiding transactions of sanctioned parties, the deficiencies of Iran’s anti-money laundering regime and the unacceptably high risk posed to the entire international financial system by Iran’s activities.