US Blacklisting of CBI Chief Flouts International Norms

EghtesadOnline: The Central Bank of Iran on Sunday officially condemned the sanctioning of its governor and one of its former officials by the US as a move showing “contempt for international norms”.

News ID: ۷۴۵۳۴۴

22 May 2018

“The move by the US Treasury, which was completely unprofessional and unconventional, is an indicator of the contempt of US government officials for international norms and standards, which was unsurprising in light of the recent one-sided actions by the US government and its disrespect for international commitments and agreements,” CBI said in the statement published on its official website.

On May 15, the US Department of Treasury’s Office of Foreign Assets Control imposed sanctions on CBI Governor Valiollah Seif and Ali Tarzali, former assistant director of the bank’s International Department, in addition to the Iraq-based Al-Bilad Islamic Bank and its chairman, and a Hezbollah official.

OFAC designated all of them as Specially Designated Global Terrorists, which targets terrorists and those providing support to terrorists or acts of terrorism, Financial Tribune reported.

“Today’s designations of Valiollah Seif, Iran’s Central Bank governor, and Ali Tarzali, assistant director of the International Department at the Central Bank of Iran, do not extend to the Central Bank of Iran,” OFAC had written at the time.

According to CBI, it is completely evident that the US is using concerns like financing of terrorism and combating it as an excuse to pressure Iranians following its unilateral withdrawal from the Joint Comprehensive Plan of Action, the formal name of Iran’s nuclear accord with world powers, on May 8.

“Without any basis or legal documentation, [the US] is trying to create a negative psychological atmosphere against Iran’s banking system on the international scene by imposing sanctions against CBI directors and officials,” the monetary regulator said, assuring that these “one-sided and hostile efforts of the US against Iranian people” will have no benefits for the US.

CBI maintains that by doing this, the US showed that it not only violates basic international rights, but also disregards central bank functions and its major role in establishing local and international monetary stability.

The regulator said the US is ignorant of international commitments ensuing from membership in global entities such as the International Monetary Fund.

“In addition to expressing regret over this amateurish behavior by the US Treasury, CBI announces that it will continue to discharge its legal duties at the local and global level in accordance with international regulations like before,” the statement read.