Iran Remains Off Limits to U.S. Banks

(AFP) Iran remains essentially off limits to U.S. banks, despite the lifting of some U.S. sanctions following the Iranian nuclear deal. Most "primary" sanctions tied to accusations that Tehran supports terrorism remain in effect, blocking U.S. businesses from joining a rush to cash in on Iran's potential revival. "Broadly, the U.S. primary embargo on Iran is still in place," John Smith, acting director of the Treasury Department's Office of Foreign Assets Control (OFAC), told a congressional panel on Thursday. Foreign banks operating in the U.S. also remain hemmed in by the sanctions still in place, because they are forbidden from clearing U.S. dollar-denominated transactions involving Iran through U.S. banks. In addition, some 200 Iran-related individuals and entities remain on a list of "blocked" persons.

2016-02-16 00:00:00

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