Financial sanctions "painful" for Iran-US official

Targeted financial sanctions have been effective in isolating Iran, causing a "painful" situation for Tehran's leaders and raising questions about the Iranian administration, a U.S. Treasury official said on Thursday."Iran has found itself increasingly isolated from the international financial system as banks around the world decide that maintaining their Iranian clientele is not worth the risk of unwittingly facilitating (weapons) proliferation or terrorism," Treasury Under Secretary Stuart Levey said in remarks prepared for delivery to an American Bar Association conference in Miami.

"That self-imposed isolation combined with the Iranian regime's mismanagement of their country's economy is beginning to generate a debate about the wisdom of the current regime's policies," he added.

Recent U.S. financial measures targeting specific financial institutions have been more effective in applying pressure than sanctions aimed at an entire state, Levey said."Rather than grudgingly complying with, or even trying to evade these measures, we have seen many members of the banking industry in particular voluntarily go above and beyond their legal requirements because they do not want to handle illicit business," he said.

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This post shows that not is there conflict with Iran and the U.S but also the private banks within.

U.S. To Increase Pressure on Iran

WASHINGTON (Reuters) - The U.S. Treasury's top sanctions official is traveling to major Middle East financial centers this week to build support for its campaign to increase international pressure on Iran and combat terrorist financing.

A Treasury spokesman said Stuart Levey, undersecretary for terrorism and financial intelligence, will visit Qatar, Bahrain and the United Arab Emirates this week to talk to government officials and banking executives.

"That trip is part of our overall mission to combat terrorist financing," said Treasury spokesman John Rankin.

The Treasury has frozen U.S. assets and prohibited American transactions with several Iranian state banks and other companies it accuses of aiding Iran's quest for nuclear weapons and of providing financial support to terrorist groups. Among banks blacklisted are Bank Melli, Iran's largest bank, Bank Mellat, Bank Sepah and Bank Saderat.

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The conflict between the US and Iran strengthens. The United States wants to increase pressure on Iran and "combat terrorist financing." What will become of the two battling countries?

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