EU’s Latest Sanctions Will Raise Risks for Few Remaining Banks Tied to Iran

By Bennett Voyles

EU sanctions imposed against Iran earlier this month will likely further sever the Persian nation's few remaining ties to the continent's financial sector, including trade finance deals, say industry consultants. On Oct. 15, the European Union disclosed its latest, and most stringent, economic measures against the Persian nation, including a ban on all unauthorized banking transactions, and prohibitions on the purchase of natural gas, export of metals and construction of oil tankers. The measures also further restricted transactions with Iran's central bank. The new sanctions will have almost no impact on most European banks, according to Nigel Kushner, chief executive...