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Re: US Passes Strong Sanctions Against Iran

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  • Fri, Jul 02, 2010 - 12:05pm

    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: US Passes Strong Sanctions Against Iran

Stuart Eizenstat details the ever-expanding neocon wish list in the WSJ:

The EU should sanction all Iranian state-owned banks and their subsidiaries, preventing any transactions with them in the eurozone market. All are involved in supporting illicit trade in arms, and all finance front companies for the nuclear weapons program. To leave any off the sanctions list only invites Iran to shift transactions to those not on the list. All pollute the integrity of the global financial system.

Second, the EU should make its sanctions systemic. America’s sanctions regime covers all transactions by Iranian state-owned banks—not only those directly related to nuclear activities. The U.S. bars dollar transactions involving Iran if they are cleared through the United States. Right now, the EU has no similar policy. It should. The EU should prohibit any euro-denominated transactions involving Iran from being cleared through the European banks. 

Third, the EU and U.S. should agree to ban all insurance companies under their jurisdiction from providing insurance or re-insurance to any ships carrying refined petroleum to Iran, which imports 40% of its needs, and prohibit any new investment in Iran’s oil and gas industry.

As a fourth step, the EU should work together with the U.S. in multilateral forums outside of the U.N. to broaden the number of countries undertaking serious financial sanctions. With EU-U.S. cooperation, Japan will be more likely to take the same type of action for yen-denominated transactions. If it did, Iran would be deprived of financing its nuclear activities in any of the three major international currencies.

Lastly, it’s time to shine a harsh light on the Central Bank of Iran. The new U.N. resolution stresses the need for nations to exercise “vigilance” over the activities of the bank, but the EU and U.S. should go further. Except in times of war, central banks have been sacrosanct because of the potential disruption to the global financial system. But Iran’s central bank has forfeited its special status. It functions like no other central bank. It is not only Iran’s monetary arm, but it conceals financial transfers, assists Iranian banks and companies in navigating around existing sanctions, and helps finance front companies to acquire nuclear technology and parts. The EU and U.S. should jointly warn Iran’s Central Bank that if it does not cease its illicit activities, it too could become a sanctions target. 


Whoa — boycott Iran’s central bank? You know the CFR elitists are serious, when they’re willing to bust a fellow member of the central banksters’ union.