Obama Admin Gave IRAN Full Access to US Financial System

Obama administration tried secret bank workaround for Iran, new report says

REPORT: Obama Admin Gave IRAN Full Access to US Financial System

According to Fox News, the stunning revelation is detailed in a draft report from the Senate's Permanent Subcommittee on Investigations; raising serious new questions over the behind-the-scenes agreements that led to the Iranian nuclear deal. Rob Portman, R-Ohio, have revealed in a new report that the Obama administration secretly tried to help Iran use US banks to convert $5.7 billion in Iranian assets, after promising Congress that Iran would not get access to the USA financial system - and then lied to Congress about what it had done. As a part of the nuclear deal, the USA agreed to carry secondary sanctions that focused different nations or establishments doing enterprise with Iran, its oil trade, and extra - but it surely stored in place most of its personal sanctions, together with blocking Iran from US banks.

An investigation by Senate Republicans released Wednesday sheds light on the delicate balance the Obama administration sought to strike after the deal, as it worked to ensure Iran received its promised benefits without playing into the hands of the deal's opponents.

Republicans argue that Obama administration officials, in their eagerness to clinch the nuclear deal and push the license forward, violated financial and oil related sanctions imposed on Iran after its seizure of the US Embassy in Tehran in 1979 by trying to give Iran access to the US financial system.

In September 2015, Adam Szubin, Obama's Beneath Secretary of the Treasury for Terrorism and Monetary Intelligence, stated in a speech, "Iran won't be able to open financial institution accounts with USA banks, nor will Iran be capable of entry the USA banking sector, even for that momentary transaction to, what we name, dollarize a global cost" - the very transfer Treasury granted Iran. In July 2015, Treasury Secretary Jack Lew testified before the Senate Foreign Relations Committee that, under the JCPOA, Iran "will continue to be denied access to the [U.S.] financial and commercial market". "The Administration has not been and is not planning to grant Iran access to the US financial system".

- Philip Klein (@philipaklein) June 6, 2018 " One senior State Department official told an inquiring Iranian official that the administration had "exceeded our JCPOA commitments" by issuing the license".

According to the subcommittee, Iran had $5.7 billion in assets in the Omani bank, and wanted to convert it via the USA financial system as it was the most efficient means, "even though US sanctions prohibited it", according to the report. Well, when it comes to the Iran deal, the Obama administration took lying to new heights.

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"This specific license can not be described as 'granting access to the US financial system, '" the former official said.

The report recommends further informing Congress about future negotiations with Iran, requiring the Treasury Department to give notice of specific licenses, reviewing all Iran deal-related licenses, and increasing policing of USA sanctions policies, regardless of what country they are for. It was created to allow Iran to briefly convert into dollars from Omani rials about $5.7 billion worth of Iranian assets frozen in an Omani bank.

His comments and those of other top Obama administration officials drew the ire of the committee's Republican chairman.

However, the banks declined to participate out of fear that doing so would harm their reputations.

A senior State Division official, who just isn't named within the report, advised an Iranian counterpart in an e-mail that the type of transaction Iran was requesting was "prohibited by USA sanctions which might be nonetheless in place, and which we had been clear we might not be eradicating as a part of the JCPOA".

- The State Department official negotiating implementation of the JCPOA understood giving Iran access to the US financial system was prohibited by USA sanctions and outside the relief under the JCPOA or JPOA.

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