The US Treasury Department Friday lifted
sanctions against an Iraqi bank which had been barred from doing
business with US companies because it had close contacts to Iranian
The privately owned Elaf Islamic Bank in Iraq was sanctioned in July 2012 as part of sweeping US efforts to make it difficult for foreign countries to purchase Iranian oil.
The aim was to prevent Iran from establishing payment methods that circumvented existing sanctions.
Elaf Islamic Bank had conducted transactions worth millions of dollars on behalf of Iranian banks, which have been sanctioned for ties to nuclear proliferation.
After the sanctions were issued, Elaf Islamic Bank "immediately" engaged with treasury officials and froze the accounts of the Export Development Bank of Iran, the Treasury Department said.
"As today's delisting demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates," said David Cohen, an under secretary for terrorism and financial intelligence.
Most Popular Stories
- Pickup Discounts Boost September Auto Sales
- Kurdish Militia Still Lack Weapons, Training
- Lexus Luxury Compact Sedan Wins Buyers
- Review: Pay by Phone or Just Keep Using Plastic?
- Ebola Victim Was Sent Home by Dallas Hospital
- Group Offers Online Help for College Students
- N.Y. Ups Awards of State Contracts to Minorities
- Dallas Parents Fear Students Exposed to Ebola
- Why the Bond Market Isn't as Safe as You Think
- Baker Hughes to Disclose Fracking Chemicals