White House Prohibits Iranian Petrochemical Acquisitions, Blacklists Banks

By Brian Monroe and Colby Adams

The White House issued an executive order Tuesday blacklisting two banks and granting the U.S. Treasury Department the power to sanction any entity that acquires Iranian oil and petrochemicals. The order goes beyond a previous prohibition that barred only direct purchases of the Iranian products via formal transactions. Under the latest order, companies cannot purchase or acquire Iranian petrochemical products through any means, including informal value transfers or bartering, U.S. officials said in a conference call Tuesday afternoon. Going forward, the U.S. Treasury Secretary may also blacklist non-U.S. banks deemed to have knowingly facilitated financial transactions for the National Iranian...