The U.S. Senate overwhelmingly approved a measure Thursday that would give lawmakers a say in a potential sanctions-related accord with Iran.
In response to White House overtures, Senate Democrats agreed Tuesday to hold off consideration of an Iran sanctions bill until after a March deadline to reach a deal on the Islamic Republic's nuclear program.
Even with limited sanctions relief from the United States, foreign banks have been reluctant to process transactions for Iran under the terms of a newly-extended multilateral accord, an American official said Tuesday.
Governmental documents published Monday cleared the way for foreign financial institutions to process limited transactions for Iranians but U.S. banks will be unlikely to relax their sanctions policies, according to experts.
Western financial institutions won't radically amend their sanctions controls in response to an agreement to limit Iran's nuclear program in exchange for a relaxation of banking restrictions, say former officials.
U.S. and foreign banks are awaiting official guidance on how to adhere to a new American sanctions law against the Central Bank of Iran before implementing its screening procedures.
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