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U.S. steps up sanctions pressure on Iran
The United States is stepping up pressure on Tehran naming Iran a "primary money laundering concern" and adding a new layer of sanctions.
U.S. Treasury Secretary Timothy Geithner.
U.S. Treasury Secretary Timothy Geithner, saying (English):
"Today we are also taking the next significant step to escalate the pressure by acting under Section 311 of the USA PATRIOT Act. For the first time, we are identifying the entire Iranian banking sector - including the Central Bank of Iran - as a threat to governments or financial institutions that do business with Iranian banks.
He also issued a warning to global banks about doping business with Iran.
U.S. Treasury Secretary Timothy Geithner, saying (English):
"If you are a financial institution and you engage in any transaction involving Iran's Central Bank or any other Iranian bank operating inside or outside Iran, you are at risk of supporting Iran's illicit activities: its pursuit of nuclear weapons, its support for terrorism, and its efforts to deceive responsible financial institutions and evade sanctions.
In a joint appearance with Geithner U.S. Secretary of State Hillary Clinton spoke of a duel track approach with Iran.
U.S. Secretary of State Hillary Clinton, saying (English):
"Now, the Administration's dual-track strategy is not only about pressure. It is also about engaging Iran, engagement that would be aimed at resolving the international community's serious and growing concerns about Iran's nuclear program. And the United States is committed to engagement, but only - and I say only - if Iran is prepared to engage seriously and concretely without preconditions. So far, we have seen little indication that Iran is serious about negotiations on its nuclear program."
While the West charges Iran with trying to develop nuclear arms, Tehran maintains its nuclear program is for peaceful purposes.
Deborah Lutterbeck, Reuters
