US: No Restrictions on Foreign Banks' Dollar Cooperation with Iran

Adam Zubin, the Deputy Secretary of the Treasury for Terrorism and Financial Intelligence, emphasized that Washington will "prevent Iran's access" to the US financial system but has "no control over foreign banks," allowing individuals and foreign banks to conduct trade with Iranians in any currency. Zubin, who appeared before the US House Foreign Affairs Committee on Wednesday, June 5, told American lawmakers, "All foreign banks in the world have access to US dollars. Foreign entities are not under our jurisdiction and can provide their dollar capital to anyone, including Iranians." According to CNN, these remarks followed concerns raised by Ed Royce, the committee chairman, regarding Iran's "indirect access" to the US financial system. However, Zubin stated that Washington's sanctions apply to American individuals and entities worldwide but have "no control over non-American individuals." He also stressed that Washington does not allow Iran access to its financial system. Due to US sanctions, Iran faces significant difficulties accessing its assets in global banks. This issue has hindered Tehran's full benefit from the lifting of sanctions related to its nuclear program. Valiollah Seif, the Governor of the Central Bank of Iran, has repeatedly stated that the Islamic Republic is dissatisfied with the outcomes of the nuclear agreement. Iranian officials accuse the US government of obstructing the full implementation of this agreement. Meanwhile, John Kerry, the US Secretary of State, previously stated that Washington does not object to international banks cooperating with Iranian companies and institutions that are not sanctioned.