U.S. Tightens Sanctions Against Iran

From China View:

WASHINGTON, Nov. 6 (Xinhua) -- The United States is beefing up its sanctions against Iran's banks by banning certain types of fund transfers, the Treasury Department said Thursday.

Previously, U.S. financial institutions were authorized to deal with certain money transfers for Iranian banks and other Iranian customers as long as the payments were initiated offshore by a bank that was not neither Iranian nor American and only passed through the U.S. financial system en route to another offshore bank that was neither Iranian nor American.

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