The Trump administration is considering new sanctions on Iran to stop it from using backdoor financial methods as a means to skirt U.S. economic sanctions on its business dealings with leading European nations, according to multiple U.S. officials who told the Free Beacon that Tehran is operating a “nuclear racket.”
The new sanctions would directly target Iran’s Special Trade and Finance Institute (STFI), an alternate financial body established by Tehran to ensure it can continue engaging in lucrative trade deals with Europe in the face of heavy U.S. sanctions. The STFI was meant to replace the Instrument in Support of Trade Exchanges (ISTEX), which France, Germany, and the United Kingdom created in January to facilitate trade with Iran.
The Trump administration is already said to be examining sanctioning the STFI, which it views as a front for the Central Bank of Iran, an entity sanctioned by the United States for its role in Iran’s nuclear program and the funding of regional terror operations, according to multiple sources familiar with the matter.
Administration allies in Congress are working toward a similar goal, with Sen. Ted Cruz (R., Texas) having already filed a new measure that would, in addition to any potential White House action, formally sanction the STFI vehicle and make it impossible for Europe to continue engaging in business with Iran, congressional sources confirmed to the Free Beacon. – READ MORE