- By Josh Rogin
Josh Rogin covers national security and foreign policy and writes the daily Web column The Cable. His column appears bi-weekly in the print edition of The Washington Post. He can be reached for comments or tips at firstname.lastname@example.org.
Previously, Josh covered defense and foreign policy as a staff writer for Congressional Quarterly, writing extensively on Iraq, Afghanistan, Guantánamo Bay, U.S.-Asia relations, defense budgeting and appropriations, and the defense lobbying and contracting industries. Prior to that, he covered military modernization, cyber warfare, space, and missile defense for Federal Computer Week Magazine. He has also served as Pentagon Staff Reporter for the Asahi Shimbun, Japan's leading daily newspaper, in its Washington, D.C., bureau, where he reported on U.S.-Japan relations, Chinese military modernization, the North Korean nuclear crisis, and more.
A graduate of George Washington University's Elliott School of International Affairs, Josh lived in Yokohama, Japan, and studied at Tokyo's Sophia University. He speaks conversational Japanese and has reported from the region. He has also worked at the House International Relations Committee, the Embassy of Japan, and the Brookings Institution.
Josh's reporting has been featured on CNN, MSNBC, C-Span, CBS, ABC, NPR, WTOP, and several other outlets. He was a 2008-2009 National Press Foundation's Paul Miller Washington Reporting Fellow, 2009 military reporting fellow with the Knight Center for Specialized Journalism and the 2011 recipient of the InterAction Award for Excellence in International Reporting. He hails from Philadelphia and lives in Washington, D.C.
The Treasury Department today designated Iran’s third-largest bank, Bank Tejarat, as subject to new sanctions, on the same day the EU announced a complete oil embargo of Iran.
"At a time when banks around the world are cutting off Iran and its currency is depreciating rapidly, today’s action against Bank Tejarat strikes at one of Iran’s few remaining access points to the international financial system," Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen said in a statement. "Today’s sanction against Bank Tejarat will deepen Iran’s financial isolation, make its access to hard currency even more tenuous, and further impair Iran’s ability to finance its illicit nuclear program."
Bank Tejarat is being sanctioned for providing financial services to Bank Mellat, the Export Development Bank of Iran (EDBI), the Islamic Republic of Iran Shipping Lines (IRISL), and the Ministry of Defense for Armed Forces Logistics (MODAFL), all of which were previously sanctioned for the involvement in the proliferation of weapons of mass destruction.
Treasury also sanctioned Iran’s Trade Capital Bank, a Minsk-based subsidiary of Bank Tejarat, bringing the total number of Iranian financial institutions under U.S. sanctions to 23, according to a Treasury Department fact sheet. Because the banks are being sanctioned under the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA), any foreign bank that does business with these Iranian banks risks losing access to the U.S. financial system.
In its statement, Treasury accused Bank Tejarat of facilitating the movement of tens of millions of dollars to the Atomic Energy Organization of Iran (AEOI) for the purchase of uranium. Treasury also said the bank has helped other Iranian organizations circumvent sanctions, including the Islamic Revolutionary Guard Corps (IRGC).
"Iran’s economic isolation seems to worsen each day as reflected in its plummeting currency, the Iranian rial," a senior Treasury official told reporters in a Monday afternoon briefing."
The official said the Iranian government is going to extraordinary lengths to prop up the rial.
"In recent weeks, the government has tried to ban the sale of Western currency. It reportedly has restricted citizens’ ability to communicate by blocking text messages containing the word ‘euro’ or ‘dollar.’ Plainclothes police officers are reportedly patrolling the currency exchanges to enforce currency restrictions and arrest violators," the official said.
The Treasury and State Departments are also in the process of implementing the Menendez-Kirk sanctions on the Central Bank of Iran, which the official said would cause more pain for the Iranian economy.
"The economic hardship it is currently facing will only increase in the months to come, and will continue to increase as long as Iran refuses to meaningfully engage with the international community regarding its nuclear program," the official said.
A reporter asked the official when Treasury would issue the implementation rules for the new CBI sanctions. Lawmakers are concerned the rules may be crafted in a way to allow some partner countries to avoid cutting off all business with Iran.
"As soon as they are ready," the official said.