THE
EMBARGO ON IRANIAN BANKS COULD TURN THE WORLD FINANCE SYSTEM
UPSIDE DOWN
After the
decision made recently about “ceasing the financial
transactions of Bank Sepah, Bank Melli, Bank Mellat and
Bank Sadaret in the international community” in order to
hinder the efforts of Iran about the nuclear energy, the
stoppage in the financial transactions of the European
branches of these banks were negatively reacted by the
Iranians especially that live in the diasporas.
According
to the sanction decision declared by US Secretary of State
Condoleezza Rice and Secretary of Treasury Henry Paulson,
“More than 20 institutions, including individuals, banks and
companies controlled by the Revolutionary Guard Corps, would
be excluded from the American Finance System.” In the
financial circles, it is assessed that knowing the fact that
Bank-ý Sepah, the most powerful of the Iranian Banks taken
into the blacklist is controlled by the Revolutionary Guard
Corps; the USA took such kind of a decision in order to
hinder Iran to transfer money in every kind of dark and
mysterious way through this bank. The same circles point out
that “the other banks blacklisted by the USA play part in
technology transfer and buying technical equipment
activities as a mediating institution besides their legal
banking activities.”
It is not a
consequence that the banks blacklisted are from the ones
that work internationally. This practice against the banks
that have a great role in the Iranian foreign trade, would
affect various export and import firms and companies
negatively. Yet, the Tabriz originated companies’ money
transfers and financial transactions made through the above
mentioned banks to Europe are commenced to be considered
invalid and the money is given back.
This new
practice infuriates the Iranian people and the Iranian
government is reacted against it negatively as well. In
October 29, Iranian Deputy Foreign Minister, Ali Reza Sheikh
Attar stated that “Iran has a trade and investment
partnership and cooperation with European, Central Asian,
African and Middle Eastern Countries, and Iranian banking
system has been in a relation with the world economic system
since 70 years and has a respected place in the world.” He
additionally emphasized that “The Revolutionary Guard Corps
do not own a bank as it is claimed, and the wealth and the
sources of the country’s banks are generally coming from the
wealth of the people, and the Iranian banks conduct open
activities and run economic transactions with the banks of
various countries.”
In October
2007, President Ahmadinejad stated that, “the unilateral
embargos imposed by the USA are all pointless and they would
not make the Iranian people withdraw and these kinds of
actions are put into practice in order to make propaganda to
create an understanding that the people in Iran experience
economic problems.” The President added that “the ones that
violate the economic balance of the Iranian people were
found out and these powers would be cleaned off from the
economic arena totally and these kinds of practices would be
defeated.” He continued as “the rights of the Iranian people
were accepted and the enemies would not manage to cease the
advancement of Iranian people.”
The
authorities emphasized the fact that this embargo decision
has been the most comprehensive sanction package that has
been prepared by the USA since the 1979 Islamic Revolution
and they agree on the fact that this decision, depending on
Iran’s support to the terrorist organizations in Iraq and
the Middle East, its weapon trade and the nuclear
activities, would have its reflection due to its
consequences in the world banking system.
