U.S. hits head of Iran's central financial institution with terror sanctions

President Donald Trump meets with German Chancellor Angela Merkel in the Oval Office of the White House Friday

The blacklisted head of Iraq's Al-Bilad Islamic Bank was named as Aras Habib, who ran in last weekend's general elections as a candidate on the slate of Prime Minister Haidar al-Abadi, whose government has been supported by the United States and the worldwide community. That means that anyone, in any country, who does business with Seif or Tarzali could themselves be punished with sanctions, cutting them off from the US financial system.

The Trump administration announced new sanctions Tuesday on leaders at Iran's central bank and an Iraq bank chairman who are accused of illegally funneling millions of dollars to an Islamic militant group.

"The United States will withdraw from the Iran nuclear deal", Trump said, calling the deal "defective at its core" and a "disastrous deal" that gave the Iranian "regime of great terror" billions of dollars.

"The United States will not permit Iran's increasingly brazen abuse of the global financial system", Treasury Secretary Steven Mnuchin said.

The U.S. Treasury is also imposing sanctions on the Iraq bank and its chairman.

The U.S. Treasury Department also issued economic sanctions against another top official, in addition to Seif.

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Half of Iran's lawmakers have written to President Hassan Rowhani demanding the removal of the central bank chief, accusing him of mismanaging the banking industry and currency markets as the rial weakened.

That will begin August 7 followed by more robust sanctions on individuals who "knowingly" engage in certain "significant transactions" with the central bank starting November 5.

President Trump just last week announced that the US was withdrawing from the "defective" Iran nuclear deal and imposing the "highest level" economic sanctions on the country.

Iran's foreign minister had said last week that the nation will not renegotiate the 2015 Iran nuclear deal.

The U.S. faced a May 12 deadline to decide whether or not to remain in the Iran nuclear deal. Within the aftermath of the 2015 worldwide nuclear accord, through which nuclear sanctions on Iran had been lifted, Seid was a outstanding voice complaining that Iran was nonetheless being saved out of the worldwide monetary system and never receiving the financial advantages it was promised in change for curbing its nuclear program. US officers had been reaching out Tuesday to central banks in different nations within the Middle East and Europe to tell them of the sanctions and encourage them to right away freeze belongings the financial institution has overseas. Hezbollah fought a war with Israel in 2006, and Israeli officials have been deeply concerned about the prospect of another confrontation. Earlier this year, the Trump administration slapped sanctions on the deputy governor of Russia's central bank, Alexander Torshin.

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