US slaps sanctions on Iran amid tensions over withdrawal from nuke deal

US SANCTIONS

The US 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" the IRGC-QF.

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 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."