Iran remains off limits to US banks

Iranian men queue at an ATM machine in Tehran on January 23, 2012The Obama administration in mid-January eased several restrictions on doing business with Iran, including former “secondary” sanctions that had threatened to penalize companies outside the US for their business with Iran, as well as some restrictions on Americans seeking to make inroads in the oil-rich country. “Broadly, the US primary embargo on Iran is still in place,” John Smith, acting director of the Treasury Department’s Office of Foreign Assets Control (OFAC), told a congressional panel on Thursday. The sanctions still in place were imposed not over Iran’s nuclear program but its record on terrorism and human rights.

Share this article