This determination, issued by the Department of the Treasury on November 6, 2008, revokes the “U-turn license” from Iranian banks. The determination also explains what “U-turn” financial transactions are, how they worked, and revokes the authority to continue processing these transactions. The move essentially shuts the entire Iranian financial system off from the U.S. financial system.
Washington, DC--The U.S. Department of the Treasury today announced that it is revoking the “U-turn” license for Iran, further restricting Iran’s access to the U.S. financial system.
Treasury’s move today follows a series of U.S. government actions to expose Iranian banks’ involvement in the...