Special to WorldTribune.com

WASHINGTON — The United States has imposed sanctions on Iran’s third
largest bank for helping finance weapons of mass destruction programs.

The Treasury Department has designated Bank Tejarat, with 2,000 branches
throughout Iran, as well as its subsidiary in Belarus. Treasury said Tejarat
was providing financial services to Iranian banks and companies already
under international sanctions for WMD proliferation.

“At a time when banks around the world are cutting off Iran and its currency is depreciating rapidly, today’s action against Bank Tejarat strikes at one of Iran’s few remaining access points to the international financial system,” Treasury Undersecretary David Cohen said.

In an announcement on Jan. 23, Treasury said Tejarat marked the 23rd financial institution linked to Iran that has come under U.S. sanctions. So far, all of Iran’s largest state-owned banks have been targeted by Washington.

Officials said Tejarat was involved in Iran’s nuclear program, including uranium enrichment. They said the bank provided services to the Iranian Defense Ministry and the Islamic Republic of Iran Shipping Lines, authorized to procure and ship WMD components.

“Today’s sanction against Bank Tejarat will deepen Iran’s financial
isolation, make its access to hard currency even more tenuous, and further
impair Iran’s ability to finance its illicit nuclear program,” Cohen said.

Treasury said Tejarat facilitated the flow of tens of millions of
dollars for Iranian procurement of uranium. Officials said Tejarat worked
with the Atomic Energy Organization of Iran, responsible for the
construction and operation of many nuclear facilities and itself under
United Nations sanctions.

Another Iranian bank designated by Treasury was identified as Trade
Capital Bank, based in the Belarus capital of Minsk and owned by Tejarat.
Treasury said Trade Capital Bank was facilitating Iranian access to the
euro by bypassing European regulators.

“Today’s designations of Bank Tejarat and Trade Capital Bank could
result in sanctions under the Comprehensive Iran Sanctions, Accountability
and Divestment Act of 2010 for foreign financial institutions that conduct
business with Bank Tejarat or Trade Capital Bank,” Treasury said.

“Under CISADA, foreign financial institutions that knowingly facilitate significant
transactions or provide significant financial services for an Iranian-linked
financial institution designated by the U.S. — such as Bank Tejarat or
Trade Capital Bank — face the loss of their direct access to the U.S.
financial system.”

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