“US Sanctions on Iran’s Bank Chief Break Int’l Rules”

Valiollah Seif, Governor of Central Bank of Iran, waits to start a meeting with Britain's Foreign Secretary Philip Hammond in Tehran on August 23, 2015 / File Photo by Reuters

Iran’s foreign ministry has condemned the US sanctions against the Iranian bank chief, saying that the government and Central Bank of Iran reserve the right to adopt all legal and political solutions to counter the US Treasury Department’s move.

“The last week move by US Department of the Treasury to include the name of the governor of the Central Bank of Iran and one of its directors on the sanctions list is a sign of the US’ blatant defiance of well-established international norms and rules including immunity of governments and central banks,” the Iranian foreign ministry said in a statement.

“Central banks play a role in shaping and implementing monetary policies and bringing monetary stability inside the countries and in the international system, so imposing sanctions on central bank officials is against customary and treaty obligations of governments to maintain international monetary policy,” it added.

“The US move, which indicates this government gives no weight to its international obligations, has prompted international observers to see the US government as an oath-breaker who pays no respect to international obligations.”

“The Foreign Ministry seriously condemns the US’ unconventional and illegal move, and announces that the Iranian government and Central Bank reserve the right to adopt all legal and political solutions to counter the US Treasury Department’s move,” the statement added.

“The Foreign Ministry believes a continuation of such destructive and unilateral moves by the US could have unpleasant consequences for international ties in the monetary and financial sectors,” it concluded.

Last Tuesday, the US imposed sanctions on Iran’s Central Bank Governor Valiollah Seif and an Iraq-based bank for what it claimed to be “moving millions of dollars” for IRGC.

US Treasury Secretary Steven Mnuchin accused Seif of covertly funneling money on behalf of the IRGC’s external arm, Quds Force, through Al-Bilad Islamic Bank.

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