U.S. Makes First Use of Power to Penalize for Large Transactions with Iran’s Central Bank

By Colby Adams

For the first time, U.S. officials have blacklisted a foreign financial institution using a July 2012 executive order that prohibits significant transactions with the Central Bank of Iran. The U.S. Treasury Department said Friday that it had designated Asia Bank, an Iranian-owned financial institution headquartered in Moscow, for providing material support and over $13 million in U.S. bank notes to Iran. The bank also sought correspondent accounts with two blacklisted institutions: Export Development Bank of Iran and Bank Tejarat, officials said. The blacklisting of Asia Bank, announced along with the designations of over 25 individuals and companies alleged to have...