World News

US sanctions nine Iranians, entities over currency exchange network

US sanctions nine Iranians, entities over currency exchange network

The official news agency, WAM, reported that these people and groups were listed after they were found to have transferred millions of dollars to the Iranian Revolutionary Guard.

Treasury Secretary Steven Mnuchin said they were targeted at those who had funnelled millions of dollars to the group.

One of the sanctioned entities Jahan Aras Kish, a front company for the IRGC-QF, retrieved oil revenues from the Central Bank of Iran and transferred the money to couriers who exchanged it for US dollars by way of two other now-sanctioned companies, Rashed Exchange and Khedmati & Co.

The U.S. Treasury Department on Thursday announced in a statement that it issued new Iran-related sanctions on a number of individuals and entities.

Mr Mnuchin also lauded the UAE's role, saying "the Treasury Department thanks the UAE for its close collaboration on this matter". He called for the global community's joint efforts to combat Iran's efforts to fund what he called "the world's largest state sponsor of terror".

Previously President of the European Commission Jean-Claude Juncker stated, that Europe must replace the USA as a global leader after president Trump had announced his decision to withdraw from the Iran nuclear deal.

Treasury designated six individuals and three business entities for their role in the scheme.

While, according to the New York Times, Britain, France and Germany said they remained committed to the deal despite Trump's decision, the Iranian leader said that Europe can not act independently.

The president's decision has given grace periods of 90 days to six months for companies to wind down their trade with Iran.

Trump's move undercut more than a decade and a half of diplomacy by Britain, China, France, Germany, Iran, Russia and past United States administration, which had resulted in the deal that lifted sanctions on Iran in exchange for limits on its nuclear program.