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Sen. Cruz Applauds the Trump Administration for Sanctioning Iran’s Financial Sector

October 8, 2020

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WASHINGTON, D.C. - U.S. Sen. Ted Cruz (R-Texas), member of the Senate Foreign Relations Committee, today issued the following statement applauding the administration's move to impose sanctions on Iran's entire financial sector:

"The Obama-Biden administration reconnected the Ayatollahs to the global financial system and gifted them with hundreds of billions of dollars under the catastrophic Nuclear Deal - which has enabled the Iranian regime to launder money and fund terrorism. I have long called for reversing that reckless decision by sanctioning Iran's entire financial sector. I applaud the Trump administration for moving today to impose such a step which will go a long way in protecting the global financial system and diminish Iran's malign regional influence. I look forward to working with the administration to ensure these sanctions are implemented."

Sen. Cruz has long called for the U.S. to counter the Iranian regimes money laundering and financing of terrorism. In December 2018, Sen. Cruz introduced legislation sanctioning Iran's financial sector as part of the Blocking Iranian Illicit Finance Act. The legislation was cosponsored by Sens. Marco Rubio (R-Fla.), Tom Cotton (R-Ark.), Thom Tillis (R-N.C.), Cory Gardner (R-Colo.), Cindy Hyde-Smith (R-Miss.), and Todd Young (R-Ind.).

Today's announcement follows a letter Sens. Cruz and Cotton sent to President Trump urging him to impose sanctions on the entirety of Iran's financial sector, pursuant to executive order 13902. The letter was signed by Sens. John Cornyn (R-Texas), Rubio, Rick Scott (R-Fla.), and Tillis. Earlier this year, Sen. Cruz commended the Financial Action Task Force (FATF) for lifting the suspension of countermeasures against Iran. In February 2019, Sen. Cruz sent a letter to Treasury Secretary Mnuchin urging the Trump administration to "use the voice and influence of the United States" to ensure that the FATF reimposed countermeasures against Iran. The letter was co-signed by Sens. Cotton, Rubio, and Tillis.

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