Iran Economy NewsTreasury targets Iranian banks, investment firm for sanctions

Treasury targets Iranian banks, investment firm for sanctions

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Bloomberg: The U.S. Treasury Department today said it targeted an Iranian investment firm and other entities for financial sanctions aimed at preventing the spread of weapons of mass destruction.

By Rebecca Christie

Dec. 21 (Bloomberg) — The U.S. Treasury Department today said it targeted an Iranian investment firm and other entities for financial sanctions aimed at preventing the spread of weapons of mass destruction.

Today’s sanctions affect entities with links to the Islamic Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines, the department said. The Treasury said those two organizations have engaged in ‘illicit activities and deceptive behavior” to avoid existing financial blockades.

The targeted firms include Bonyad Taavon Sepah, which the Treasury said manages investments for the guard corps, along with Ansar Bank, Mehr Bank and Moallem Insurance Company. The Treasury also designated Liner Transport Kish for providing weapons and other material support to Hezbollah on behalf of Iran.

“Our policy will be to continue to impose pressure on Iran so long as it fails to live up to its international obligations,” said Stuart Levey, the Treasury’s undersecretary for terrorism and financial intelligence, in comments to reporters in Washington. He said Iran’s government was facing “real anxiety” from the ongoing effort to shut down its financial channels.

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