U.S. pressing banks in the UAE to increase the financial burdens on Iran

By | September 11, 2019

A senior U.S. Treasury official has made their way to the UAE so as to meet with the major banks and shipping firms based in the country. This move comes as the Trump administration aims to further intensify the sanctions imposed on Iran.

The Treasury’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, intends to meet, on Sunday and Monday, the CEOs of seven of the top UAE banks. Prior to leaving for Israel and Switzerland, Mandelker will also partake in talks with other officials.

On Sunday, when speaking to reporters in Abu Dhabi, Mandelker stated how they were going over ways to join forces to counter terrorism and to weaken the power held by Iran in the region and also worldwide.

This trip to UAE is the most recent effort by the United States to increase the burden on Iran. Iran has, up until now, declined negotiating offers at least until the U.S. has agreed to life sanctions.

Only last year, U.S> President Donald Trump removed the U.S. from the 2015 nuclear deal and started to re-impose penalties. In the beginning of 2019, the U.S. suspended those waivers which permitted nations to purchase Iranian oil.

According to Mandelker, the Treasury has allotted more than 30 rounds of curbs directed at over 1000 Iran-linked bodies.

Mandelker stated how, the previous week, Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on an extensive international shipping network, which it said is managed, allegedly, by the Islamic Revolutionary Guard Corps-Qods.

She added how, on the 7th of June, they imposed sanctions on Iran’s biggest petrochemicals group, whose 2 designated sales agents were UAE-based.

Madelker said how they had observed the type of trade that has happened in the United Arab Emirates and that there will be similar consequences if they choose to continue with that kind of trade.