From Gertz, excerpted..
The Bush administration is quietly pressing European and Asian governments to join in a new effort to pressure Iran by curbing financial transactions with that country.Stuart Levey, treasury undersecretary for terrorism and financial intelligence, has been presenting the effort to various nations.
U.S. intelligence agencies have identified key Iranian funding mechanisms used to covertly purchase missile and nuclear goods.
The funding trail leads from Iranian government agencies involved in arms procurement to a network of banks and financial institutions in Europe and Asia.
The plan calls for freezing Iranian government accounts and financial assets around the world.
Many financial institutions already have cut ties with Iranian procurement networks, in advance of any formal sanctions.
A senior State Department official said the administration plans to implement additional “defensive measures” against Iran in order to make it more difficult for Teheran to conduct international financial activities.
The measures include missile defenses in Europe and anti-arms proliferation activities. A series of financial measures are being implemented and will be added to “make it more difficult for Iran to conduct business in financial markets,” the senior official said.
"I would argue that targeted sanctions are designed to have minimal effects on people," Levey told the Washington Post, "and more designed to have effect ... on the government and the people in the government. We are trying to design things that are not intended to inflict harm on the people."
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