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3/19/2020

FT Op-Ed: Renewed sanctions will push Iran towards a better nuclear deal | U.S. Department of the Treasury

FT Op-Ed: Renewed sanctions will push Iran towards a better
nuclear deal
November 5, 2018

By Steven Mnuchin, US Treasury Secretary ~ As Printed in The Financial Times
Monday marks the heaviest economic pressure ever applied by the US against the Iranian
regime. This e ort is but a part of the US government’s strategy to change the behaviour
of Ayatollah Khamenei, and Iran’s Revolutionary Guard Corps.
In the early hours of Monday, the Treasury department will complete its full snapback of
sanctions on Iran, targeting the energy, shipping and banking sectors, among others. We are
also adding back hundreds of targets previously removed from sanctions lists, as well as more
than 300 new targets.
This will end the relief the Barack Obama administration granted in the false hope of a change in
the Iranian regime’s behaviour.
These actions are an important step towards holding the world’s largest state sponsor of terror
accountable for its malign behaviour, human rights abuses, ballistic missiles development, and
systematic e orts to exploit the global financial system to fund its revolutionary ambitions.
With the full re-imposition of sanctions, this administration is closing a chapter on a nuclear
deal that President Donald Trump deemed “one of the worst and most one-sided transactions
the United States has ever entered into”. Under the terms of the ill-fated “Joint Comprehensive
Plan of Action”, the Obama administration and other participants agreed that, in exchange for a
pause in Iran’s nuclear ambitions, countries would li sanctions and reopen international
markets to Iran.
The hope and goal was that Iran’s leaders would use this influx of investment to li up their
people. Instead, the regime did what it always does: poured money into supporting terrorism,
fomenting violence and promoting regional instability.
From its support of Syria’s brutal Bashar al-Assad regime and the Houthis in Yemen, to missile
attacks on its neighbours, the Iranian regime actually grew more aggressive. Its increasingly
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FT Op-Ed: Renewed sanctions will push Iran towards a better nuclear deal | U.S. Department of the Treasury

brazen actions highlighted the deal’s fundamental flaws and reinforced the decision to
withdraw.

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To implement the president’s decision, the US is adding more than 700 names to our list of
blocked entities. Sanctions li ed under the original deal’s terms will be re-imposed on
individuals, entities, vessels and aircra that touch various segments of Iran’s economy.
We snapped back sanctions on Iran’s energy sector, including on the sale of petroleum and
petrochemicals and on transactions with the National Iranian Oil Company and other providers.
Our goal is to reduce Iranian oil exports to zero as fast as possible. We continue to ramp up
pressure to make this a reality.
We will impose sanctions on foreign financial institutions that knowingly engage in certain
significant transactions with the Central Bank of Iran and designated Iranian financial
institutions. We know that these transactions are critical to a network that fuels the radical
ambitions of the IRGC and its Quds Force, which siphons millions of dollars away from
legitimate activities to fund terrorism across the region.
These powerful sanctions are designed to cut o all sources of revenue to a regime that
continues to fund terror, foment global instability, and line the pockets of its corrupt leaders.
They complement this administration’s 19 rounds of recent actions against networks that
recruit and train child soldiers, fund Hizbollah and support weapons proliferation.
Our e orts are already having a significant impact, subverting Iran’s e orts to fund destabilising
activities and putting pressure on the Iranian economy. The value of the Iranian rial has
collapsed, losing over two-thirds of its value in recent months.
The people of Iran are not the targets of these sanctions. They are the longest-su ering victims
of a regime that prioritises funding of terror proxies over the wellbeing of its citizens. Our
sanctions include humanitarian exemptions for the sale of food, medicine, medical devices and
agricultural commodities to non-designated Iranians.
The Treasury will strictly enforce our sanctions. We will not tolerate banks, companies or other
entities that seek to circumvent our actions. We will view them as complicit in funding Iran’s
malign ambitions.
The US will lead a maximum-pressure campaign to stop global funds from flowing to the Iranian
regime until it is no longer a threat to international security. Our pressure campaign is designed
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FT Op-Ed: Renewed sanctions will push Iran towards a better nuclear deal | U.S. Department of the Treasury

to bring the Iranian regime to the table to achieve a much better deal than the JCPOA.

The writer is the US Treasury secretary
Read op-ed, which ran on page A-9 of the Financial Times on November 5, 2018.

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