US Warns Foreign Banks: Stop Transactions With Iran or Risk Sanctions

The United States has warned foreign financial institutions doing business or conducting financial transactions with Iran that they could face US sanctions at any time.

The US Treasury Department said banks dealing with sanctioned Iranian financial institutions should immediately end such transactions and financial relationships.

Washington also warned that institutions providing Iran’s financial system with access to the global financial system could face sanctions.

According to US officials, foreign financial institutions could also be sanctioned for providing financial services to Iranian banks, their overseas branches or subsidiaries.

The United States has recently expanded its sanctions against Iran as part of efforts to increase economic pressure on Tehran. On October 1, the US Treasury targeted networks linked to Iran’s automobile, railway, manufacturing and steel sectors.

Washington said the campaign aims to restrict Iran’s financial and commercial activities used to bypass US sanctions and transfer revenue and financial resources.

Under the policy, the US is also increasing pressure on foreign banks and companies to end business ties with Iranian financial institutions.