Iran Sanctions Expanded to Include Foreign Banks

WASHINGTON (CN) – President Barack Obama authorized the Secretary of the Treasury to impose sanctions on any foreign financial institution that facilitates transactions for the National Iranian Oil Company or the Naftiran Intertrade Company.      The sanctions allow the Secretary of the Treasury to block a correspondent account or a payable-through account by a foreign financial institution.     The sanctions are meant to limit the ability of the Iranian government to raise money through the sale of petroleum and petroleum products and do not apply to transactions involving the sale of food, medicine or medical devices to Iran.     Click the document icon for this regulation and others.