US Sanctions Iran Currency Network After Nuclear Deal Withdrawal

US Sanctions Iran Currency Network After Nuclear Deal Withdrawal

US Sanctions Iran Currency Network After Nuclear Deal Withdrawal

The Trump administration sanctioned nine Iranian citizens and companies on Thursday for allegedly operating a currency exchange network that - with the help of Iran's Central Bank - transferred millions of USA dollars to Iran's Islamic Revolutionary Guards Corps-Quds Force, the Treasury Department said.

The UAE and U.S. have disrupted a multi-million-dollar network that was allowing the Iranian Revolutionary Guard to access funds.

The US and UAE accused Iran's central bank of helping the group access US dollars held in foreign banks to sidestep Western sanctions. "We are intent on cutting off IRGC revenue streams wherever their source and whatever their destination". With thousands of troops and advanced military equipment, the Guards have been behind many of Iran's key military operations.

These are the first USA sanctions against Iran since President Donald Trump announced on Tuesday that the U.S. was pulling out of the Iran nuclear deal.

The US government made clear Tuesday when Trump announced the end of US participation in the JCPOA nuclear deal that going ahead, Washington was going to ramp up pressure on the IRGC and the Central Bank of Iran.

The Quds Force is an elite unit in charge of the IRGC's overseas operations.

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The agreement was made by Iran and the U.S., the UK, Russia, France, China, Germany and the European Union to ensure Iran's nuclear programme was exclusively peaceful.

Mr Trump's decision to abandon the deal was described as a "mistake" by Iran's supreme leader, Ayatollah Ali Khamenei.

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

The Israel Defense Forces (IDF) said that four rockets were intercepted and 16 others fell short of their targets in the occupied Golan Heights.

Trump announced he was withdrawing the USA from the accord with Iran on Tuesday, abruptly restoring harsh sanctions in the most consequential foreign policy action of his presidency.

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