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Posted February 26. 2013 12:40PM

Shaheen urges EU to cut payments-system linked to Iran

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U.S. lawmakers are concerned that Iran is converting its foreign-held euros into local currencies, which “in turn free up significant funds to finance Iranian imports, stabilize Iran’s monthly budget and allows the regime to continue to engage in sanctionable and illicit activities,” according to the letter obtained by Bloomberg News after it was circulated by Sens. Jeanne Shaheen, a New Hampshire Democrat, and Mark Kirk, an Illinois Republican.