A senior Obama administration official tells lawmakers Tuesday that Iran will not be given access to the US financial system as part of the sanctions relief granted under the nuclear deal.
Testifying before the Senate Foreign Relations Committee, Thomas Shannon, the undersecretary of state for political affairs, says reports that Iran would be allowed to deal directly with US banks are inaccurate.
“The rumors and news…that the US [is] preparing to…allow Iran access to the US financial system are not true,” Shannon says.
State Department Undersecretary for Political Affairs Thomas Shannon, Jr., testifies on Capitol Hill in Washington, Tuesday, April 5, 2016, before the Senate Foreign Relations Committee hearing on recent Iranian actions and implementation of the nuclear deal. (AP Photo/Andrew Harnik)
Shannon says the US is clarifying regulations that allow Iran to access money being made available to it after the sanctions were lifted when implementation of the deal began in January.
The Associated Press reported last week that the Treasury Department has prepared a general license that would permit offshore financial institutions to conduct foreign currency trades in dollars in support of legitimate business with Iran.
— AP
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