fbpx

Ryan urges Obama to rule out sanctions ‘workarounds’ for Iran

Paul Ryan, the Speaker of the House of Representatives, urged President Barack Obama on Monday to \"definitively\" rule out any sanctions workaround that might provide Iran direct or indirect access to the U.S. financial system or dollar.
[additional-authors]
April 18, 2016

Paul Ryan, the Speaker of the House of Representatives, urged President Barack Obama on Monday to “definitively” rule out any sanctions workaround that might provide Iran direct or indirect access to the U.S. financial system or dollar.

“Instead of helping the regime get richer, the administration should hold it accountable for its continued ballistic missile tests, egregious human rights violations and support for terrorism,” the Republican congressional leader said in his strongest statement yet on the issue.

U.S. lawmakers, mostly Republicans who opposed last year's Iran nuclear deal, have expressed deep concern about recent reports that the administration might let Iran use the dollar in some business transactions.

The matter has attracted international attention. Tehran has appealed to the United States and European Union to help it access the global financial system.

Despite the easing of sanctions under a nuclear pact announced in July, Iran's hopes of rapidly ending its economic isolation have been complicated as European banks in particular fear falling afoul of the many other restrictions imposed by Washington that remain in force.

Ryan said he was concerned there were “at least four workarounds” that would allow Iran access to the U.S. currency, including dollar-denominated transactions, dollar-clearing, dollar-based conversions and dollar-related foreign currency transactions.

The Obama administration has denied any plans to allow Iran access to the U.S. financial system or the use of the dollar, but several members of Congress insist that they are getting mixed signals on the issue.

Some lawmakers have introduced legislation that would prohibit Obama from issuing any license for conducting an offshore U.S. dollar clearing system for Iranian transactions or providing any such system with U.S. dollars.

They also want to impose secondary sanctions on any financial institution found to be participating in any offshore dollar clearing system with Iran.

Iran is a particularly potent issue this year, when Americans will pick a new president, and every member of the House and one-third of senators are up for re-election.

The three remaining Republican presidential candidates have all vowed to tear up or back away from the nuclear deal, which Obama administration officials say would be a calamitous move.

Did you enjoy this article?
You'll love our roundtable.

Editor's Picks

Latest Articles

Difficult Choices

Jews have always believed in the importance of higher education. Today, with the rise in antisemitism across many college campuses, Jewish high school seniors are facing difficult choices.

All Aboard the Lifeboat

These are excruciating times for Israel, and for the Jewish people.  It is so tempting to succumb to despair. That is why we must keep our eyes open and revel in any blessing we can find.  

More news and opinions than at a
Shabbat dinner, right in your inbox.

More news and opinions than at a Shabbat dinner, right in your inbox.

More news and opinions than at a Shabbat dinner, right in your inbox.