The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Wednesday announced sanctions on a Turkey-based company, along with three others in Iran and the United Arab Emirates as well as three people, for helping transfer US technology and goods to Iran and its central bank.
The Turkey-based Ted Teknoloji Gelistirme Hizmetleri Sanayi Ticaret Anonim Sirketi (Ted), which serves as Iran-based Informatics Services Corporation’s (ISC) in-country representative and acquired US goods and technology in coordination with ISC front companies, has been hit by the OFAC sanctions. ISC employee Pouria Mirdamadi, a dual-national of France and Iran, is involved in Ted’s operations.
According to OFAC, ISC is a subsidiary of the Central Bank of Iran (CBI) and publicly recognized as the technology arm of the CBI, oversees Iran’s electronic banking clearance network, Shetab, and is affiliated with Shaparak, Iran’s electronic card payment network. ISC most recently developed the Central Bank Digital Currency platform for the Central Bank of Iran.
The CBI was designated pursuant to E.O. 13224, as amended, on September 20, 2019 for having materially assisted, sponsored or provided financial, material or technological support for, or goods or services to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and Hezbollah.
In addition to Ted and ISC, UAE-based Advance Banking Solution Trading DMCC (ABS), a front company for ISC, and three people involved in the operations of the procurement network were hit by the sanctions.
They are accused of facilitating the illegal export of goods and technology from over two dozen US companies to end-users in Iran, including the CBI in violation of US export restrictions and sanctions.
“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,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.
“The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive U.S. technology and critical inputs.”
As part of OFAC’s sanctions, all property and interests in property of the designated companies and persons that are in the United States or in the possession or control of US persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by US persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.