On October 5, the US Department of the Treasury warned foreign financial institutions that they could face US sanctions for continuing transactions with sanctioned Iranian financial institutions. This was reported by Asharq Al-Awsat, citing a statement from the US agency.
The US Department of the Treasury said that foreign financial institutions that continue to conduct transactions with sanctioned Iranian banks may become targets of sanctions without prior notice. The agency urged them to immediately cease such activities and related business ties.
US authorities also advised financial institutions to identify and avoid transactions connected to so-called shadow banking channels. According to the US Treasury, Iranian authorities use such mechanisms to circumvent US restrictions.
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According to the publication, since late August Washington has intensified its campaign of economic isolation of Tehran and warned allies about the possibility of secondary sanctions for transactions with the Iranian government.
As part of this campaign, the United States imposed new restrictions on Iran's financial, cryptocurrency, railway, automotive and manufacturing sectors. The US side also took measures against two banks — in the United Arab Emirates and Türkiye — over their alleged assistance to Iranian authorities.
