US sanctions Iran Central Bank subsidiary for US tech procurement and violating export rules

The sign of the Central Bank of the Islamic Republic of Iran is seen in Tehran, Iran January 25, 2023. (Reuters)
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Updated 15 February 2024
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US sanctions Iran Central Bank subsidiary for US tech procurement and violating export rules

  • The sanctions block access to US property and bank accounts and prevent the targeted people and companies from doing business with Americans

WASHINGTON: The US on Wednesday imposed sanctions on three people and four firms — across Iran, the United Arab Emirates and Turkiye — for allegedly helping to export goods and technology purchased from US companies to Iran and the nation’s central bank.
Treasury’s Office of Foreign Assets Control said the procurement network transferred US technology for use by Iran’s Central Bank in violation of US export restrictions and sanctions.
Some of the materials acquired by the Central Bank of Iran were items classified as “information security items subject to national security and anti-terrorism controls” by the Commerce Department, Treasury says.
Included in the sanctions package is Informatics Services Corp., an Iranian subsidiary of Iran’s Central Bank that most recently developed the Central Bank Digital Currency platform for the bank; a UAE-based front company, which acquired US tech for the Central Bank of Iran and the front company’s CEO, as well as a Turkiye-based affiliate firm that also made purchases that ended up in Iran.
“The Central Bank of Iran has played a critical role in providing financial support to” Iran’s Islamic Revolutionary Guard and militant group Hezbollah, said Treasury Under Secretary Brian E. Nelson, adding that they are the “two key actors intent on further destabilizing the Middle East.”
“The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive US technology and critical inputs,” he said.
The sanctions block access to US property and bank accounts and prevent the targeted people and companies from doing business with Americans.


Venezuela’s furious street forces ready to ‘fight’ after US raid

Updated 59 min 30 sec ago
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Venezuela’s furious street forces ready to ‘fight’ after US raid

  • As proud defenders of the Venezuelan leadership’s socialist “Bolivarian revolution,” the ousting of Maduro has left them furious and bewildered, convinced that he was betrayed by close allies

CARACAS: When explosions boomed in the night and US warplanes roared in the sky over Caracas, Jorge Suarez and his companions rushed fearfully for their guns.
For these members of the “colectivos” — armed loyalists of the leftist leadership — the US raid that ousted Nicolas Maduro as their president was the most dramatic challenge yet.
“We’re not used to it — it was like a best-seller, like something out of a movie,” said Suarez, in black sunglasses and a cap bearing the slogan: “Doubt is treason.”
“We took to the streets, waiting for instructions from our leaders.”
As proud defenders of the Venezuelan leadership’s socialist “Bolivarian revolution,” the ousting of Maduro has left them furious and bewildered, convinced that he was betrayed by close allies.
“There is frustration, anger and a will to fight,” said a 43-year-old member of one collective the Boina Roja — which translates to Red Beret — who identified himself only as Willians, in a black cap and hooded jacket.
“It’s still not really clear what happened...What is clear is that there were many betrayals,” he added — pointing to implausible failures in Maduro’s defenses.
“We don’t understand how the anti-aircraft system failed. We don’t know what happened with the rocket-launch system.”

- Policing the transition -

Established in their current form under Maduro’s predecessor Hugo Chavez, the colectivos are tasked with keeping social order on the streets — but accused by opponents of beating and intimidating rivals.
They have closed ranks behind Delcy Rodriguez, Maduro’s former deputy who took over as interim president.
She has pledged to cooperate with US President Donald Trump over his demand for access to Venezuela’s huge oil reserves — but has insisted the country is not “subordinate” to Washington.
Willians said the colectivos were resisting certain post-Maduro narratives, which he dismissed as mind games — such as “that Trump might bomb again, or that Delcy Rodriguez is with the United States.”
They respect her ideological pedigree — Rodriguez is the daughter of a far-left militant who died in the custody of the intelligence services in 1976.
“I don’t think anyone would betray her father,” said Alfredo Canchica, leader of another collective, the Fundacion 3 Raíces.
“You can betray the people, but not your father.”
Colectivo members declined to be drawn out on how the post-Maduro phase might play out under Trump and Rodriguez, however.
“We don’t believe the threats that the Americans are going to come, dig in and take us out,” said Canchica.
“They’ll have to kill us first.”

- Maduro ‘betrayed’ -

Feared by opponents as a rifle-wielding, motorbike-mounted shock force, the colectivos are welcomed in some neighborhoods where they are credited with preventing crime — and where authorities hand out subsidized food parcels.
Speaking at the Chato Candela baseball stadium in the working-class 23 de Enero district, Canchica rejected the negative image they have gained.
When opposition demonstrators and some world powers were accusing Maduro of stealing an election in July 2014, “we stopped the shantytowns from rising up,” he said.
The colectivos also claim to run sports programs, coordinate with hospitals and transport networks, and visit traders to keep price speculation in check.
Fiercely committed to the “Chavista” cause, they felt the sting of betrayal in Maduro’s capture.
“The betrayal must have come from someone very close to our commander” Maduro, said Canchica.
“It was so perfect we didn’t notice, and we still don’t know who betrayed us, how they betrayed us — it happened so fast.”
In his office with images of independence hero Simon Bolivar, Chavez and Maduro on the wall, and books, bullets and a sound-wave bomb on the table, Suarez bitterly recalled watching animated reconstructions of Maduro’s capture published online.
“It makes you angry,” he said.
“Despite all the support Commander (Vladimir) Putin, China and North Korea have given us militarily, how can we react in real time when (the US) has more advanced technology than we do?“