US identifies Iran’s financial sector & designates 18 banks

The US has identified the financial sector of the Iranian economy pursuant to section 1(a)(i) of Executive Order (E.O.) 13902, which provides OFAC with the authority to designate any Iranian financial institution. 18 banks have been listed, and will be subject to secondary sanctions. Treasury Secretary Steven T Mnuchin said these sanctions are designed to prevent “illicit access to US …