U.S. Blacklists Iranian Bank, Shipping Front Companies on Heels of U.N. Resolution

By Colby Adams

The U.S. Treasury Department Wednesday added another Iranian bank to its list of 16 Iran-controlled financial institutions that U.S. companies are prohibited from doing business with. Tehran-based Post Bank of Iran "stepped into the shoes" of Iran's Bank Sepah after U.S. officials imposed sanctions against the latter in January 2007 for allegedly helping Iran finance a nuclear weapons program, said the department's Under Secretary for Terrorism and Financial Intelligence, Stuart Levey, during a press conference in the department's headquarters. Following the Treasury Department's decision to blacklist Bank Sepah, Post Bank expanded its business outside of Iran's borders to facilitate international...