US warns foreign banks doing business with Iran they could face sanctions without notice

The U.S. Treasury Department has warned foreign financial institutions that continue doing business with Iran or its financial sector that they could face sanctions without advance notice.

 Treasury said foreign banks continuing to transact with sanctioned Iranian financial institutions could be targeted at any time and urged them to immediately terminate such activities and relationships.

 The warning also covers institutions that help Iran access the global financial system, including by providing services to Iranian banks, their subsidiaries, or branches in third countries. Such institutions could face sanctions, as well as civil and criminal enforcement penalties if Iran-related transactions cause U.S. financial institutions or persons to violate sanctions.

 Among the measures Treasury could impose are strict restrictions on a foreign bank’s ability to maintain U.S. correspondent or payable-through accounts—potentially limiting its access to the U.S. dollar-based financial system.