US hits Iran's Bank Tejarat with sanctions

The US Treasury on Monday announced sanctions against Irans Bank Tejarat, claiming all of the Islamic Republics major state-owned banks have now been subjected to punitive measures.Just hours after the European Union slapped an embargo on Iranian oil, the Treasury Department announced measures to close a financial noose around the regime -- which is accused of building nuclear weapons.The sanctions are expected to make it more difficult for Iran to do business with the rest of the world and to get revenue from its vast Iran and gas exports.At a time when banks around the world are cutting off Iran and its currency is depreciating rapidly, todays action against Bank Tejarat strikes at one of Irans few remaining access points to the international financial system, said senior Treasury official David Cohen.Bank Tejarat, Irans third largest, is accused of aiding Iranian weapons of mass destruction programs, including moving tens of millions of dollars to help a state-run agency acquire uranium.Bank Tejarat is said to have around 2,000 branches in Iran and foreign offices in France and Tajikistan.Todays sanction against Bank Tejarat will deepen Irans financial isolation, make its access to hard currency even more tenuous, and further impair Irans ability to finance its illicit nuclear program, said Cohen.The measures are part of a concerted effort to put pressure on the Iranian regime, and forcing Tehran to abandon its weapons programs.