Still, the United States said it was imposing "secondary sanctions" on the Iranian bank officials, which could significantly increase Iran's isolation from the global financial system. Seif, whose position is equal to the Federal Reserve chairman within the USA, oversees main monetary selections in Iran.
"The United States will not permit Iran's increasingly brazen abuse of the global financial system", Mnuchin added. "The global community must remain vigilant against Iran's deceptive efforts to provide financial support to its terrorist proxies", Mnuchin said.
The move comes a week after U.S. President Donald Trump announced that the United States was pulling out of the nuclear deal between Tehran and world powers.
Trump had threatened for more than a year to abandon the deal. Those Western "hard currencies" could then be used to fund extremist elements, such as in Lebanon and Syria.
There was no quick remark Tuesday evening from Iranian officers.
This is already the second batch of US' anti-Iranian sanctions since Trump's announcement on the pullout from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Actions (JCPOA).
Typically, when the U.S. punishes individuals with sanctions, it prohibits Americans or United States companies from doing business with them. In this case, the USA chose to also impose "secondary sanctions", which also apply to non-Americans and non-U.S. companies. That signifies that anybody, in any nation, who does enterprise with Seif or Tarzali might themselves be punished with sanctions, reducing them off from the USA monetary system.
Speaking in Brussels, Iran's Foreign Minister Javad Zarif called the sanctions against Seif illegal. Seif often visits Washington to attend conferences of the Worldwide Financial Fund.
He has helped guide Iran's economy through the web of previous sanctions placed on that country. 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.
Officials said they diverted millions on behalf of the Islamic Revolutionary Guard Corps-Qods Force to the Shi'a militant group Hezbollah.
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 global community.
At the time, the U.S. singled out the Central Bank of Iran as "complicit" in the operation, foreshadowing Tuesday's action.
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