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Stuart Levey, the US Treasury official spearheading efforts to hit Iran economically, met with Foreign Minister Tzipi Livni in Tel Aviv on Thursday to discuss the ongoing efforts to get the world's financial institutions to sever ties with Teheran.Israeli officials said Levey's work, which is conducted outside of the UN framework, was important because it could be pursued without facing obstacles placed in the way by Russia and China, whose support is necessary for UN sanctions. They agreed with US assessments that China is the most reluctant UN Security Council member when it comes to supporting expanded sanctions against Iran's nuclear program.Levey, the US undersecretary of the treasury for terrorism and financial intelligence, has spent the last couple of years trying to convince major financial institutions in the US and around the world to employ financial sanctions against Teheran.Levey's steps are designed as a track running in parallel to - but independent of - sanctions leveled by the UN.Israeli officials believe this has been effective in ensuring that the Iranian business class feels the cost of Teheran's march toward a nuclear capability.Levey's discussion with Livni took place as a draft resolution calling for a third round of sanctions against Iran was circulating among UN Security Council states. The resolution is not expected to be taken up by the Security Council until September at the earliest, according to Israeli officials."Israel supports a hardening of sanctions already imposed," Foreign Ministry spokesman Mark Regev said before Livni's meeting with Levey. "Diplomacy must be firm and speak with one voice in order to succeed."Regev said Iran "must understand that business as usual cannot continue while it is pursuing its nuclear program."
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