New US Sanctions to Have No Impact on Iran’s National Fund

The NDFI has already been affected by the consequences of oil and banking sanctions over the past months and thus the new sanctions that have directly targeted the Fund would have no major impact on its performance. said Hosseini.

The official said that the NDFI. which reportedly holds over $120 billion in cash. has no tangible assets outside Iran that could be affected by the American sanctions unlike sovereign funds in other countries who hold assets and bonds abroad.

He said the fund will continue to provide loans and finances in foreign currencies to major projects inside Iran despite the sanctions.

Hosseini added that financing infrastructure projects through the NDFI would continue normally despite the fresh American sanctions.

Extensive projects in the country have been launched or are being completed through resources from the Fund. he said. adding. The new sanctions will have no impact on the process to provide foreign currency loans that they (projects) need.

Earlier on Saturday. Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the recent US move to re-impose sanctions against the CBI. which has been already sanctioned. proves that Washington is left with no leverage to pose further pressure against Tehran.

The US Department of the Treasury announced in a press release on Friday that its Office of Foreign Assets Control (OFAC) had taken action against the CBI. the National Development Fund of Iran (NDF). and Etemad Tejarate Pars Co. under its counterterrorism authority.

Addressing reporters at the White House on Friday. US President Donald Trump said the new sanctions represent the highest sanctions ever imposed on a foreign country.

Iran sanctions architect under former President Barack Obama. Richard Nephew. derided the new embargos against Tehran. underlining that Washington is unable to increase its pressures against the Islamic Republic as the White House has already exhausted all of its options.

He ridiculed Trump’s claim for unprecedentedness of the sanctions. adding. “This is even odder. Did we designate the IRGC today? Oh wow. man. that would be a BIG step…if we hadn`t done it over a decade ago. And CBI too? Wow. I mean. if that wasn`t part of the FY12 NDAA.

Practically. I`m struggling to see how this meaningfully adds to the pressure already in place. Nephew wrote in a sarcastic tweet.

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