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White House Targets Banks Holding Iranian Currency, Automotive Accounts
By Colby Adams
printThe White House Monday approved new powers to stifle the use of Iran's currency, impose financial restrictions on the country's automotive sector and blacklist those who support U.S. sanctions designees. Under an executive order, the U.S. Treasury Department can order banks to block assets related to foreign financial institutions that knowingly facilitate "any significant transaction" related to the purchase or sale of Iranian rials or any security based on the exchange rate of the currency. The order also targets banks that hold rials outside of Iran. In response to questioning during a press conference, a senior U.S. official declined to...
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