UK orders banks to halt Iran business, U.S. move
15:16 - 22 November 2011
Britain ordered its financial institutions on Monday to halt all business with Iranian counterparts, including the central bank, and the United States is also expected to tighten sanctions over Tehran\'s nuclear program.
The British move however will not target trade in Iranian oil, a source familiar with the sanctions said. It also appeared unlikely that the U.S. Treasury would try to cut off the Iranian banking system entirely, a move that could disrupt global energy markets and harm the U.S. economic recovery.
Britain said the sanctions were in response to the International Atomic Energy Agency\'s (IAEA) latest report on Iran, which highlighted fresh concerns about the possible military dimensions of Tehran\'s nuclear program.
\"We believe that the Iranian regime\'s actions pose a significant threat to the UK\'s national security and the international community. Today\'s announcement is a further step to preventing the Iranian regime from acquiring nuclear weapons,\" said finance minister George Osborne.
In Washington, a U.S. official said the Treasury Department planned to designate Iran as an area of \"primary money laundering concern\" on Monday, a move allowing it to take steps to isolate the Iranian financial sector further.
Source: REUTERS
The British move however will not target trade in Iranian oil, a source familiar with the sanctions said. It also appeared unlikely that the U.S. Treasury would try to cut off the Iranian banking system entirely, a move that could disrupt global energy markets and harm the U.S. economic recovery.
Britain said the sanctions were in response to the International Atomic Energy Agency\'s (IAEA) latest report on Iran, which highlighted fresh concerns about the possible military dimensions of Tehran\'s nuclear program.
\"We believe that the Iranian regime\'s actions pose a significant threat to the UK\'s national security and the international community. Today\'s announcement is a further step to preventing the Iranian regime from acquiring nuclear weapons,\" said finance minister George Osborne.
In Washington, a U.S. official said the Treasury Department planned to designate Iran as an area of \"primary money laundering concern\" on Monday, a move allowing it to take steps to isolate the Iranian financial sector further.
Source: REUTERS
