UAE and USA break up network funnelling dollars to Iran

UAE and USA break up network funnelling dollars to Iran

The designation comes following close collaboration between the UAE and the United States, which has designated the same individuals and entities.

Mnuchin accused "the Iranian regime and its Central Bank" of misusing banking access in the UAE to acquire U.S. dollars to fund the IRGC-QF's "malign activities, and to arm its "regional proxy groups".

One of the sanctioned entities Jahan Aras Kish, a front company for the IRGC-QF, retrieved oil revenues from the Central Bank of Iran and transferred the money to couriers who exchanged it for USA dollars by way of two other now-sanctioned companies, Rashed Exchange and Khedmati & Co.

Iran became an Islamic republic in 1979, when the monarchy was overthrown and clerics assumed political control under supreme leader Ayatollah Khomeini.

The action comes two days after President Donald Trump announced that the USA was pulling out of the Iran nuclear deal and reimposing sanctions that were in place before the 2015 agreement.

The latest sanctions specifically target its elite overseas operations arm, the Quds Force.

This new round of sanctions suggest that Trump is following through on that statement.

Iran has said it will remain in the JCPOA for now, pending negotiations with the other signatories in the coming weeks before making a final decision on its future role in the agreement.

The IRGC chief said the USA exit showed Iran's nuclear program was just a pretext for the United States to place pressure on Iran, and their real concern is Iran's military might and its regional influence.

Iranian President Hassan Rouhani had warned his country could resume uranium enrichment "without limit" but would refrain from doing so for now.

Israel accused the Quds Force of launching 20 rockets at its military positions in Syria on Thursday morning.

The U.S. Treasury Department on Thursday announced in a statement that it issued new Iran-related sanctions on a number of individuals and entities.

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