Protests in Iran are now approaching their fourth week over the death of Mahsa Amini in police custody. EPA
Protests in Iran are now approaching their fourth week over the death of Mahsa Amini in police custody. EPA
Protests in Iran are now approaching their fourth week over the death of Mahsa Amini in police custody. EPA
Protests in Iran are now approaching their fourth week over the death of Mahsa Amini in police custody. EPA

US issues fresh Iran-related sanctions


Joyce Karam
  • English
  • Arabic

The US on Thursday imposed sanctions on top Iranian officials, including the interior and communications ministers.

The move comes days after US President Joe Biden said Washington would increase costs on Iranian officials tied to violence against protesters.

Brian Nelson, the under secretary of the Treasury, said Washington is determined to punish those who are behind the crackdown on protests, now approaching their fourth week, over the death of Mahsa Amini in morality police custody.

“The United States condemns the Iranian government’s internet shutdown and continued violent suppression of peaceful protest and will not hesitate to target those who direct and support such actions,” Mr Nelson said.

The sanctions were announced by the US Treasury on its website and hit seven senior leaders within Iran’s government and security apparatus. These include Iran’s Minister of the Interior Ahmad Vahidi and Minister of Communications Eisa Zarepour.

Sanctions were also slapped on five senior security officials, including Yadollah Javani, deputy political commander of the Islamic Revolutionary Guards Corps (IRGC); Vahid Mohammad Naser Majid, head of the Iranian Cyber Police; and Hossein Nejat, an IRGC commander and close associate of Iran’s supreme leader Ali Khamenei.

  • A protest for Mahsa Amini, a woman who died after being arrested by the Islamic republic's 'morality police', in Tehran. AFP
    A protest for Mahsa Amini, a woman who died after being arrested by the Islamic republic's 'morality police', in Tehran. AFP
  • Demonstrators disperse during the protest for Amini, who died in a hospital in the capital Tehran on Friday. AFP
    Demonstrators disperse during the protest for Amini, who died in a hospital in the capital Tehran on Friday. AFP
  • The crowd chanted 'Death to the dictator', meaning Supreme Leader Ayatollah Ali Khamenei, while some women took off their headscarves. AFP
    The crowd chanted 'Death to the dictator', meaning Supreme Leader Ayatollah Ali Khamenei, while some women took off their headscarves. AFP
  • A man pulls out a police motorcycle set on fire during the protest. Amini had been detained for violating the country's conservative dress code. AP
    A man pulls out a police motorcycle set on fire during the protest. Amini had been detained for violating the country's conservative dress code. AP
  • In recent months, rights activists have urged women to remove their veils in public, a gesture that would risk their arrest for defying a dress code as the country's rulers crack down on 'immoral behaviour'. AP
    In recent months, rights activists have urged women to remove their veils in public, a gesture that would risk their arrest for defying a dress code as the country's rulers crack down on 'immoral behaviour'. AP
  • Iranians protest in Sanandaj, the capital of Iran's Kurdistan province, following the Amini's death while in custody. AFP
    Iranians protest in Sanandaj, the capital of Iran's Kurdistan province, following the Amini's death while in custody. AFP
  • Iranian police officers clash with demonstrators in Tehran. Police said Amini fell into a coma as she waited with other detained women at a morality police station, rejecting allegations that she was probably beaten. AFP
    Iranian police officers clash with demonstrators in Tehran. Police said Amini fell into a coma as she waited with other detained women at a morality police station, rejecting allegations that she was probably beaten. AFP

They also hit top leaders of the Law Enforcement Forces (LEF), including Hossein Sajedinia, deputy operations commander, and Hossein Rahimi, the LEF police chief in Tehran.

Henry Rome, an Iran watcher and a senior fellow at the Washington Institute for Middle East Policy, said the impact of the sanctions is more political than it is material.

“The designations probably would not materially affect the calculus of those perpetrating the crackdown,” Mr Rome told The National.

But he said that they serve the important purpose of showing international support for the protesters.

“They are a way for the US to disseminate credible information about the scope and scale of repression in Iran, they are a sign of support for the peaceful protesters and they lay the groundwork for other countries to adopt similar sanctions regimes in an effort to build international cohesion.”

Human rights organisations have reported that hundreds may have been killed in the protests.

On Thursday, Amnesty International accused Iranian security forces of killing at least 66 people, including children, and injuring “hundreds of others after firing live ammunition, metal pellets and teargas at protesters, bystanders and worshippers during a violent crackdown” after Friday prayers in Zahedan as well as Sistan and Baluchestan provinces.

Iranian riot police clash with university students — video

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

Updated: October 06, 2022, 7:28 PM