U.S. warns allies against financial dealings with Iran

The U.S. decision to leave the pact, under which Iran agreed to limit its nuclear program in return for relief from economic sanctions, has antagonized its other parties: Britain, China, France, Germany and Russia.

With U.S. sanctions returning between now and Nov. 4, it is not clear how enthusiastic U.S. allies or other nations such as China may be to comply with those sanctions, particularly those requiring foreign firms to reduce their imports of Iranian oil.

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The weight of the U.S. financial system and the reality of companies having to choose between selling to Iran or to the vast U.S. market, is likely to force many private firms to comply.

“To those in the private sector, I urge you to also take additional steps to ensure Iran and its proxies are not exploiting your companies to support their nefarious activities,” Mandelker said. “You have to do more to make sure your compliance programs are airtight.”

“The Iranian regime will deceive your companies, undermine the integrity of your financial systems, put your institutions at risk of our powerful sanctions, all to fund terrorism, human rights abuses and terrorist groups,” Mandelker added.

This article originally appeared here via Google News