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WASHINGTON: The United States on Monday warned foreign financial institutions that if they conducted any business with Iran or its banking sector they could be sanctioned by Washington.<\/p>\n
\u201cForeign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationships,\u201d the US Treasury said in an \u201calert\u201d statement.<\/p>\n
The United States launched its war against Iran in late February, killing the country\u2019s leadership and demanding it cease any nuclear-related activities.<\/p>\n
The war has plunged the Middle East into violence, with Tehran\u2019s retaliatory action targeting Washington\u2019s Gulf allies and sending global energy and fertilizer prices skyrocketing after it virtually shut a key trading route.<\/p>\n
Since late August, Washington has stepped up its campaign to economically isolate Tehran, warning its allies that they would be hit by secondary sanctions if they continued to conduct transactions with the country\u2019s government.<\/p>\n
The US Treasury has also announced a slew of new sanctions as part of that push, targeting Iran\u2019s financial, crypocurrency, rail, automotive and manufacturing sectors.<\/p>\n
It has also taken action against two banks \u2014 one in the United Arab Emirates and another in Turkiye \u2014 over their alleged aid to the authorities in Tehran.<\/p>\n
In Monday\u2019s statement, the Treasury said Iran\u2019s government operated so-called \u201cshadow banking\u201d channels to circumvent US sanctions, and that foreign financial institutions should aim to identify and avoid any such activities.<\/p>\n<\/div>\n