US Says Foreign Financial Institutions Doing Business with Iran May Be Sanctioned without Notice

The US Treasury Department said on Monday ​it was alerting foreign financial institutions, opens new tab that continue to do business ‌with Iran or its financial sector that they may be sanctioned by Washington without advance notice.

DETAILS:

"Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions ​could be targeted at any time without advance notification and should ​take immediate action to terminate such activity and relationships," the ⁠Treasury Department said in its alert.

Washington has attempted to further cut ​Iran's financial lifelines during the Iran war that began on February 28 when ​the US and Israel attacked Iran and Tehran responded with its own strikes on Israel and GCC states that host US bases. US-Israeli strikes on Iran and ​Israeli attacks on Lebanon have killed thousands and displaced millions.

Iran was already heavily sanctioned ​by the US before the war but Washington has warned other countries in recent weeks ‌to ⁠cut their business ties with Iran or risk having key companies and entities cut off from the dollar-based financial system.

Foreign financial institutions facilitating Iran's access to the global financial system, including by providing financial services ​to Iranian banks or ​their subsidiaries ⁠or branches in third countries, risk being sanctioned for operating in or supporting sanctioned sectors of Iran's economy, ​the Treasury Department alert said.

They could also be subject ​to civil ⁠and criminal enforcement penalties should Iran-related transactions cause US financial institutions or other US persons to violate sanctions, the Treasury Department added.

Prohibiting opening or ⁠maintaining of ​U.S. correspondent or payable-through accounts for a ​foreign financial institution are among the "strict conditions" Treasury warns could be imposed for engaging in ​sanctioned activities. - Reuters