700 Entities, Individuals Added to US Sanctions List

700 Entities, Individuals Added to US Sanctions List

Saturday, 3 November, 2018 - 08:15
Secretary of State Mike Pompeo via Reuters
Washington - Muath al-Amri
The second batch of sanctions on Iran, lifted under the 2015 nuclear deal, will be back in force on Monday, November 5, the US administration has announced.

Treasury Secretary Steven Mnuchin said 700 individuals and entities will be added to the blacklist. Washington also wants to cut sanctioned Iranian institutions from the worldwide SWIFT banking network, he confirmed.

"The Treasury Department will add more than 700 names to our list of blocked entities. This includes hundreds of targets previously granted sanctions relief under the JCPOA, as well as more than 300 new designations. This is substantially more than we ever have previously done. Sanctions lifted under the terms of Iran’s nuclear deal will be reimposed on individuals, entities, vessels, and aircraft that touch numerous segments of Iran’s economy," he stated.

"We have advised SWIFT that it must disconnect any Iranian financial institution that we designate as soon as technologically feasible to avoid sanctions exposure," he confirmed.

"To date, we have issued 19 rounds of sanctions on Iran, designating 168 targets as part of our maximum pressure campaign. We have gone after the financial networks that the Iranian regime uses to fuel its terrorist proxies and Hezbollah and Hamas, to fund the Houthis in Yemen, and to support the brutal Assad regime in Syria," Mnuchin added.

The new sanctions prevent all foreign states, entities or companies from entering US markets if they continue with Iranian oil purchases or continue to deal with Iranian banks. However, Secretary of State Mike Pompeo stated earlier that eight nations will receive exemptions from the reimposed penalties.

"Earlier this year, President Trump withdrew from the fatally flawed nuclear deal and implemented a new campaign aimed at fundamentally altering the behavior of the Republic of Iran. This part of the campaign about which we’re speaking today is simple. It is aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world. Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country," Pompeo said.

"We expect to issue some temporary allotments to eight jurisdictions, but only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves towards getting to zero crude oil importation," he stressed.

France, Germany, Britain and the European Union said on Friday they "deeply regret" the US action, confirming their wish to protect EU companies doing "legitimate business with Tehran."

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