US Warns Foreign Banks Against Doing Business With Iran
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Washington: The United States has cautioned international financial institutions that continuing to do business with Iran or its financial sector may subject them to US penalties without prior warning.
The US Treasury encouraged foreign banks and financial institutions to immediately cease all transactions and connections with sanctioned Iranian financial institutions.
It cautioned that corporations who help Iran gain access to the global financial system may face restrictions, such as prohibitions on US correspondent or payable-through accounts.
OFAC's warning is part of Washington's increased efforts to limit Iran's access to international money. Treasury officials have also targeted financial entities accused of assisting Tehran to avoid sanctions.
The notice particularly warns institutions against dealings with Iranian banks, their subsidiaries, and branches in third countries, as well as transactions related to sanctioned sectors.
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