The United States has imposed sanctions on several companies and individuals involved in smuggling technology to the Central Bank of Iran (CBI). The CBI has been designated by the US due to its role in financially supporting the Islamic Revolutionary Guard Corps-Qods Force and Hizballah.
The actions taken by the US Department of the Treasury target Informatics Services Corporation (ISC), the publicly recognized technology arm of the CBI. ISC oversees Iran’s electronic banking clearance network and has recently developed the country’s Central Bank Digital Currency (CBDC).
Sanctions have also been imposed on two firms in the United Arab Emirates, one in Turkey, and three individuals. The US identifies the UAE-based Advance Banking Solution Trading (ABS) as a front company for ISC, accusing it of acquiring proprietary US goods and technology from over two dozen companies, both directly and through third-party resellers, for transfer to the CBI.
Among the technology obtained by the CBI from American firms were items classified as information security technologies, which are subject to national security and anti-terrorism regulations in the US.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson stated, “The Central Bank of Iran has played a critical role in providing financial support to the IRGC-QF and Hizballah, 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.”