WASHINGTON, Dec. 1 (UPI) -- Financial sanctions on Iran are making a significant impact on the country, a top U.S. Treasury official testified Wednesday.
Stuart Levey, undersecretary for terrorism and financial intelligence, said the sanctions were beginning to have the desired effect on the Iranian government by giving them a stark choice between continued isolation and working with the international community.
In testimony before the House Committee on Foreign Affairs, Levey said Iran is finding it increasingly difficult to handle major transactions in dollars or euros and has far less access to major banks.
"With great regularity, major companies are announcing that they have curtailed or completely pulled out of business dealings with Iran," he said. "And, as has been widely reported, Iran's leadership appears to have underestimated the severity and effects of the global financial measures, giving rise to internal Iranian criticism and finger pointing."
Levey said that by focusing on the Revolutionary Guard and other organizations involved in the proliferation of nuclear weapons and backing of terrorist groups, it was possible to build a broad coalition in support of sanctions.
