Bloomberg News

U.S. May Seek to Hit Iranian Central Bank with Direct Sanctions

October 13, 2011

Oct. 13 (Bloomberg) -- The U.S. is looking at imposing sanctions directly on Central Bank of Iran, said David Cohen, undersecretary of the Treasury for terrorism and financial intelligence.

“We are making progress, but there is still much to be done to prevent Iran from evading sanctions already in place and to apply sufficient additional pressure on Iran,” Cohen said in prepared testimony to the Senate Banking Committee.

“In this regard, we continue to focus on the Central Bank of Iran,” he said. “Although U.S. financial institutions are already generally prohibited from doing business with any bank in Iran -– including the CBI -– further U.S. action against the CBI, if it attained multilateral support, could further isolate the CBI, with a potentially powerful impact on Iran.”

If Iran continues on its current course, he added, the U.S. will “develop new and innovative ways to impose additional costs on Iran.”

To contact the reporter on this story: Terry Atlas in Washington at tatlas@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net


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