 An administration official explained that according to the new Executive Order "significant transactions in the rial will expose anyone to sanctions," and predicted “it should cause banks and exchanges to dump their rial holdings.” This took place as Iran's president-elect Hassan Rouhani was scheduled to take office from August 3, 2013.On 3 August 2013, Hassan Rouhani was elected as Iran's next president.In 2014, American authorities put a $5 million bounty on Chinese businessman Li Fangwei, whom they alleged to have been instrumental in evading sanctions against Iran's missile programs.