US Slams Fines On Companies Providing Technology To Iran’s Central Bank
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The US has implemented sanctions against several individuals and companies involved in smuggling technology to the Central Bank of Iran (CBI).
The Central Bank of Iran is designated by the United States for its involvement in providing financial assistance to Hizballah and the Islamic Revolutionary Guard Corps-Qods Force.
The Sanctions Have Been Imposed On ISC And Other Companies In UAE and Turkey
The actions taken by the United States Department of Treasury focus on the Information Service Corporation (ISC). It also includes the technology arm of CBI, which manages Iran’s electronic banking clearance network, and has recently developed the nation’s CBDC.
The sanctions have been imposed on ISC, along with three individuals, one company in Turkey, and two others based in the United Arab Emirates. The United States describes Advance Banking Solution Trading (ABS) in the UAE as a front firm for ISC.
They are accused of acquiring proprietary technology from over a dozen firms, both directly and through third-party resellers, for subsequent transfer to the CBI.
Us Accuses Iran’s Central Bank For Supporting Destabilizing Actors
Some of the technology acquired from the American companies by CBI were classified as information security features subject to US national security and anti-terrorism controls.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brain E. Nelson stated that Iran’s CBI has held a crucial responsibility in providing financial assistance to Hizballah and the IRGC-QF. These two significant actors focused on further destabilizing the Middle East.
Moreover, the US will continue to utilize all possible means to disturb the Iranian regime’s unlawful attempts to acquire critical inputs and sensitive US technology.
The CBI, also known as Bank Markazi, was founded in 1960 under the Iranian Banking and Monetary Act. It has the exclusive right to issue coinage and banknotes and also serves as a banker to the government of Iran.
CBI has the responsibility of supervising banks and credit institutions, maintaining the value of the Iranian rail. It serves as a custodian of the National Jewels, as well as the gold reserves of Iran and foreign exchange.
It is also a member of the Asian Clearing Union, represents Iran in the International Monetary Fund (IMF), and manages gold and foreign capital flows.
