Young Journalists Club | Latest news of Iran and world

News ID: 1287
Iran » Iran
Publish Date: 2:03 - 05 June 2013
TEHRAN, YJC. -- The action, taken by the Treasury Department, was one of the broadest in the American-led effort to isolate and pressure Iran economically.
It was the fourth time in a week that the Obama administration had escalated sanctions on Iran.

"Even as economic conditions in Iran deteriorate, senior Iranian leaders profit from a shadowy network of off-the-books front companies,” David S. Cohen, the Treasury under secretary who oversees the sanctions effort, said in a statement announcing the new action.

The statement identified 37 companies, including enterprises in Germany, South Africa, Croatia and the United Arab Emirates.

The statement said the companies exploited favorable loan rates from Iranian banks for the profitable sale and management of property, including real estate in Iran that had been confiscated by EIKO from Iranians living abroad.

NY Times
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