U.S.: Companies around world to face sanction if they continue to work with Iran's banks
Topics: U.S. IRAN
The move on October 8 blacklists 18 Iranian banks.
The targeted banks are the Amin Investment Bank, Bank Keshavarzi Iran, Bank Maskan, Bank Refah Kargaran, Bank-e Shahr, Eghtesad Novin Bank, Gharzolhasaneh Resalat Bank, Hekmat Iranian Bank, Iran Zamin Bank, Karafarin Bank, Khavarmianeh Bank, Mehr Iran Credit Union Bank, Pasargad Bank, Saman Bank, Sarmayeh Bank, Tosee Taavon Bank, Tourism Bank, and the Islamic Regional Cooperation Bank.
Foreign companies that do business with those banks were given 45 days to wind down their operations before facing so called secondary sanctions.
Critically, the move subjects foreign, non-Iranian financial institutions to penalties for doing business with the blacklisted Iranian entities effectively cutting off Iran from the international financial system.
Some of the institutions had been covered by previous designations, but the move on October 8 places them all under the same authority covering Iran's entire financial sector. ■