WASHINGTON: The US has removed sanctions on an Iraqi bank that was blacklisted last year for helping Iran skirt international financial controls over its nuclear activities.
The US Treasury said it removed the sanctions placed last July on Baghdad-based Elaf Islamic Bank after Elaf acted to freeze assets of the Export Development Bank of Iran and cut its exposure to Iran’s financial system.
The sanctions, part of the US effort to isolate Iran from the global economy over its alleged nuclear weapons program, had banned Elaf from any access to the US financial system.
At the time the Treasury said Elaf had knowingly facilitated financial transactions for the EDBI, on which both the US and European Union have placed strict controls for its role in financing the government in Tehran.
“Today we welcome Elaf Islamic Bank back into the US financial system, and we urge other designated individuals and entities around the world to follow its positive example,” said Treasury Under Secretary for Terrorism and Financial Intelligence David Cohen.
“As today’s delisting demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates,” he said in a statement.
On Wednesday, Cohen told a US Senate committee that the sanctions on Iran were having an impact, slashing its oil export receipts by $ 3-5 billion a month, fueling inflation and sharply devaluing the Iranian rial.
Cohen said the US plans to block the sale of gold to Iranians, whether the government or individuals, from July 1, and has already pressed Turkey and the UAE — both gold-trading centers — to implement the measure.
Washington expects that choking off the supply of gold to Iranians will further deflate the currency and undermine the regime.
“They are dumping their rials to buy gold as a way to try to preserve their wealth. That is I think an indication that they recognize that the value of their currency is declining,” he told lawmakers.
US removes Iraqi bank from Iran sanctions list
US removes Iraqi bank from Iran sanctions list
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
