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New U.S. sanctions on Iran threatens to mostly non-US banks
PUKmedia than (Reuters) 01/21/2012 09:52:56
Under the U.S. Treasury Department is under pressure from the two main parties to formulate strict rules for the implementation of a law imposing sanctions on Iran was enacted in December.
He said a former official in the Treasury for Thomson Reuters, "In my opinion, the important question is to what extent we will see Cutting banks non-US for the U.S. financial system due to continue in completing the transactions that Iran is a party, in particular Iran's energy sector. And we must monitor the changes for a month to six months from now where will have to implement more of the law. "
The U.S. lawmakers drafted Section 1245 of the National Defense Appropriations Act for fiscal year 2012, the aims to reduce Iran's oil revenues from the penalty of what you see on the United States is a program to acquire the capacity to build nuclear weapons. The law prohibits, among other financial institutions dealing with Iran's central bank, which acts as the clearing of Iran, an OPEC member.
The law states that U.S. financial institutions must be prevented from opening or maintaining correspondent accounts or accounts payable subsidiary of any foreign financial institutions to "knowingly conducted or facilitated by any financial deal with the large Central Bank of Iran."
The new U.S. measures aimed at the banks of the private sector and those held by governments and central banks, which will enter into force after a notice period of two months to six months depending on the nature of transactions.
The law allows President Barack Obama to exempt institutions in the countries of the cut "a lot" dealings with Iran and allowed to grant exceptions to protect the interests of national security and stability of the energy market is that two members of the Senate cautious on Thursday, Treasury Secretary Timothy Geithner to weaken the law to put the rules for the implementation of the law is full of gaps .
The Treasury is seeking hard to work out details. And must be resolved a number of issues such as what is required of U.S. financial institutions for the implementation of sanctions and is a natural reduction "significant" transactions with Iran, which allow the country grant exemption from the law.
Said John Sullivan, a spokesman for the Department of Energy in an email to the Thomson Reuters "The administration is working hard to prepare procedures to implement this law.
"We are using already this law in coordination with our other efforts to reduce the possibility of Iran's access to oil revenues by working with our partners to reduce their imports substantially from crude oil, Iran is by blocking the ability of (Central Bank of Iran) to receive funds for any oil that Iran could sell .
"The already high-level delegations from the Treasury and foreign tours around the world to consult with our counterparts on this issue. We will continue our engagement with intensive practice of the international community to ensure the maximum degree of pressure against Iran's nuclear program is legitimate."
Sources familiar with this law is likely to be its impact on U.S. financial institutions is limited because of restrictions on the previously announced deal with Iranian banks
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PUKmedia than (Reuters) 01/21/2012 09:52:56
Under the U.S. Treasury Department is under pressure from the two main parties to formulate strict rules for the implementation of a law imposing sanctions on Iran was enacted in December.
He said a former official in the Treasury for Thomson Reuters, "In my opinion, the important question is to what extent we will see Cutting banks non-US for the U.S. financial system due to continue in completing the transactions that Iran is a party, in particular Iran's energy sector. And we must monitor the changes for a month to six months from now where will have to implement more of the law. "
The U.S. lawmakers drafted Section 1245 of the National Defense Appropriations Act for fiscal year 2012, the aims to reduce Iran's oil revenues from the penalty of what you see on the United States is a program to acquire the capacity to build nuclear weapons. The law prohibits, among other financial institutions dealing with Iran's central bank, which acts as the clearing of Iran, an OPEC member.
The law states that U.S. financial institutions must be prevented from opening or maintaining correspondent accounts or accounts payable subsidiary of any foreign financial institutions to "knowingly conducted or facilitated by any financial deal with the large Central Bank of Iran."
The new U.S. measures aimed at the banks of the private sector and those held by governments and central banks, which will enter into force after a notice period of two months to six months depending on the nature of transactions.
The law allows President Barack Obama to exempt institutions in the countries of the cut "a lot" dealings with Iran and allowed to grant exceptions to protect the interests of national security and stability of the energy market is that two members of the Senate cautious on Thursday, Treasury Secretary Timothy Geithner to weaken the law to put the rules for the implementation of the law is full of gaps .
The Treasury is seeking hard to work out details. And must be resolved a number of issues such as what is required of U.S. financial institutions for the implementation of sanctions and is a natural reduction "significant" transactions with Iran, which allow the country grant exemption from the law.
Said John Sullivan, a spokesman for the Department of Energy in an email to the Thomson Reuters "The administration is working hard to prepare procedures to implement this law.
"We are using already this law in coordination with our other efforts to reduce the possibility of Iran's access to oil revenues by working with our partners to reduce their imports substantially from crude oil, Iran is by blocking the ability of (Central Bank of Iran) to receive funds for any oil that Iran could sell .
"The already high-level delegations from the Treasury and foreign tours around the world to consult with our counterparts on this issue. We will continue our engagement with intensive practice of the international community to ensure the maximum degree of pressure against Iran's nuclear program is legitimate."
Sources familiar with this law is likely to be its impact on U.S. financial institutions is limited because of restrictions on the previously announced deal with Iranian banks
[You must be registered and logged in to see this link.]
