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U.S. Sanctions Listing Could Hurt Humanitarian Trade With Iran |
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Parsian Bank is seen as a key conduit for international humanitarian trade with Iran. PHOTO: STR/EUROPEAN PRESSPHOTO AGENCY
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Good day. U.S. sanctions on an Iranian bank may unintentionally harm humanitarian trade with Tehran, lawyers and analysts said.
The sanctions targeted an Iranian paramilitary force that Washington said recruits child soldiers. Parsian Bank was also blacklisted this week, though not for its actions: An investment firm profited from investments it made in the bank, and those proceeds flowed up to the network supporting the force, according to the U.S. Treasury Department.
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Observers say the bank isn’t as closely linked as other Iranian lenders to the country’s illicit activities, and they said the sanctions could chill funding for otherwise legal exports to Iran, such as for medicine and food.
Parsian Bank covered “a substantial volume of the humanitarian trade” in goods and services and imports of foods and medicine, during the era of heightened sanctions on Iran, the bank says on its website. The sanctions this week come ahead of the restoration of restrictions on an array of Iranian economic sector, as the U.S. prepares to re-impose sanctions lifted following the 2015 nuclear deal.
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