The UK Government has imposed additional sanctions against Iran. National measures were adopted under Schedule 7 to the Counter-Terrorism Act 2008 and entered into force at 3 pm on 21 November 2011.
The measures require all UK credit and financial institutions to cease business with banks incorporated in Iran and their branches and subsidiaries.
Henceforth UK credit and financial institutions will only be able to pursue existing or new transactions or business relationships with these entities where licensed to do so by HM Treasury.