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US turns the sanctions screw on Iran

Just three days after pulling out of the Iran nuclear deal the US has begun to make good on Donald Trump’s promise to increase sanctions against Tehran.

Along with the United Arab Emirates, the US treasury has moved against six individuals and three companies it claims are funnelling millions of dollars to the Islamic Revolutionary Guard’s elite Quds Force (IRGC-QF).
The treasury department also accused Iran’s central bank of aiding the group.


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US treasury secretary Steven Mnuchin said: “The Iranian regime and its central bank have 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.”
On Tuesday President Trump announced the US was pulling out of the 2015 Joint Comprehensive Plan of Action (JCPOA) and called it “disastrous” and “one-sided”.
The agreement was made by Iran and the US, the UK, Russia, France, China, Germany and the EU to ensure Iran’s nuclear programme was “exclusively peaceful”.


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Mr Trump added that the accord – which he described as “an embarrassment” to him “as a citizen” – allowed a nuclear arms race to develop in the Middle East.
He then said pre-existing US sanctions on Iran would be reinstated, telling reporters: “Powerful sanctions will go into full effect.

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“If the regime continues its nuclear aspirations, it will have bigger problems than it has ever had before.”
It has been estimated that despite sanctions in place prior to the deal, at least $1bn in cash was smuggled into Iran through front companies in Dubai, in the United Arab Emirates and Iraq.

Source: Sky

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My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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