The UK Treasury on 21 November renewed its financial restrictions against Iranian banks, which have been in force from 21 November 2011, but ceased to have effect after the lapse of one year. It said all UK credit and financial institutions are to cease all business with banks incorporated in Iran, together with their branches and subsidiaries, wherever located, including the Central Bank of Iran (CBI).

The directive, which repeats the terms given by the Treasury a year ago, stated that “UK credit and financial institutions continue to be prohibited from entering into transactions or business relationships with banks incorporated in Iran and their branches and subsidiaries unless they are licensed to do so by the Treasury.” (CONTINUED - 262 WORDS)