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India On Media |
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| Politics
News |
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| Obama Administration Official Says |
| Obama Administration Official Says No Access To US Financial System For Iran
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| UNITED STATES OF AMERICA
, 5-April-2016
12:53:52 PM |
| A senior Obama administration official told lawmakers on Tuesday that Iran will not be given access to the US financial system as part of the sanctions relief granted under the landmark nuclear deal.
Testifying before the Senate Foreign Relations Committee, Thomas Shannon, the undersecretary of state for political affairs, said reports that Iran would be allowed to deal directly with US banks are inaccurate.
"The rumors and news...that the US preparing to...allow Iran access to the US financial system are not true," Shannon said.
Shannon said the US is clarifying regulations that allow Iran to access money being made available to it after the sanctions were lifted when implementation of the deal began in January.
The Associated Press reported last week that the Treasury Department has prepared a general license that would permit offshore financial institutions to conduct foreign currency trades in dollars in support of legitimate business with Iran.
No final decision has been made on the license prepared and several restrictions would apply. The license would not give Iran access to the US financial system and it would not allow Iran itself to conduct business in American dollars
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