US tightens sanctions against Iran

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Source: | 11-07-2008 14:13

The US Treasury Department is beefing up US sanctions against Iran's banks by banning certain types of fund transfers.

Until now, US financial institutions were still allowed to deal with certain money transfers for Iranian banks and customers.

The US Treasury Department is beefing up US sanctions against Iran's banks by banning certain types of fund transfers.(CCTV.com)

Transfers were allowed as long as the payments were initiated offshore by a non-Iranian or American bank and only passed through the US financial system en-route to another non-Iranian or American bank.

Now, US financial institutions are no longer allowed to process these special U-turn transfers.

The move cuts off Iran's last point of access to the US financial system.

Editor:Zhang Pengfei