The Economic Information Agency reported on the 6th that the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) issued a public warning on Monday (5th) to foreign financial institutions, stating that conducting business with Iran or its financial sector may subject them to U.S. sanctions. OFAC urged foreign financial institutions potentially involved in Iran's "shadow banking" activities to immediately take action to sever such activities and relationships.
OFAC stated in the announcement that foreign financial institutions continuing transactions with sanctioned Iranian financial institutions could be subject to sanctions at any time without prior notice.
Foreign financial institutions that assist Iran in accessing the global financial system, including by providing financial services to Iranian banks and their subsidiaries or branches in third countries, may also face sanctions.
If Iran-related transactions cause U.S. financial institutions or other U.S. persons to violate sanctions regulations, foreign financial institutions could also face civil or criminal enforcement penalties. (yc)
OFAC stated in the announcement that foreign financial institutions continuing transactions with sanctioned Iranian financial institutions could be subject to sanctions at any time without prior notice.
Foreign financial institutions that assist Iran in accessing the global financial system, including by providing financial services to Iranian banks and their subsidiaries or branches in third countries, may also face sanctions.
If Iran-related transactions cause U.S. financial institutions or other U.S. persons to violate sanctions regulations, foreign financial institutions could also face civil or criminal enforcement penalties. (yc)