Treasury's War: The Unleashing Of A New Era Of Financial Warfare - Plot & Excerpts
Treasury had demonstrated that its tools and the financial information at its command could be leveled against the most serious national security threats we faced. Like North Korea, Iran presented a significant challenge. It appeared to be marching toward a nuclear weapons capability. The United States needed leverage to affect Tehran’s calculus. For years, sanctions and trade embargoes had been the tools of choice to deal with the perceived threats from Iran, including state-sponsored terrorism and the proliferation of missile technology. Iran had been under American sanctions since the Iran hostage crisis of 1979. Over time, the sanctions had become more layered and restrictive—both to punish the regime and to isolate it. Soon after the hostage crisis, President Carter signed an executive order banning Iranian oil imports. The order also froze $12 billion in Iranian assets in US and overseas banks. There was a brief thaw in January 1981, when the United States and Iran signed the Algiers Accords releasing most of the frozen assets, lifting the trade embargo, and allowing for future resolution of asset-related disputes.
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