Israel Matzav

Australia joining EU sanctions; US and EU blacklist Iranian state-owned bank

Australian Foreign Minister Kevin Rudd has announced that his country will follow the same sanctions against Iran that are being adopted by the European Union, and the US and EU have announced sanctions against Bank Tejarat, Iran's third largest state-owned bank.

Australia will follow the EU lead in banning oil imports from Iran, the country's foreign minister Kevin Rudd said on Tuesday.

"On the question of Iran, let me be absolutely clear (regarding) the actions taken in Brussels yesterday on sanctions by the European Union - we in Australia will undertake precisely the same parallel action for Australia," he told reporters during a visit to London.

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Following the EU sanctions decision, the US Treasury announced its own new sanctions on Iranian state-owned Bank Tejarat, accused of involvement in nuclear proliferation. According to an EU document published on Tuesday, Tejarat is among the entities it is blacklisting to raise pressure on Tehran.

The EU said that Bank Tejarat had directly facilitated Iran's nuclear efforts, for example by helping in the movement last year of tens of millions of dollars in an effort to assist Iran's Atomic Energy Organization to acquire yellowcake uranium.

Bank Tejarat also has a history of helping designated Iranian banks circumvent international sanctions, the EU said.

By providing financial services to other banks, Bank Tejarat has also supported the activities of subsidiaries and subordinates of the Revolutionary Guard Corps and other Iranian military organizations, the EU said.

Given that Iran has moved most of its enrichment activities underground at Fordow, I have serious doubts that sanctions are going to have much effect. There have been too many missed opportunities already.

What could go wrong?

Labels: Australia, Bank Tejarat, European Union, Iran sanctions regime

posted by Carl in Jerusalem @ 1:25 PM