US to warn UAE banks, firms against sanctioned Iran dealings
The Wall Street Journal reports that US officials will warn petrochemical companies, private firms and banks of "extreme risk" for noncompliance.
The Biden administration will send a senior delegation to the United Arab Emirates next week to ramp up economic pressure on entities doing business with Iran.
Reuters reports that US officials will warn banks that are not in compliance with American sanctions on the Islamic Republic that they could be sanctioned or penalized for their transactions. A State Department spokesperson told the news agency that the United States has evidence of sanctions noncompliance.
According to the Wall Street Journal, the high-level delegation will include the head of the US Treasury’s Office of Foreign Assets Control, Andrea Gacki. The US officials will meet with UAE-based petrochemicals companies, banks and other private firms that do billions of dollars in trade with Iran.
The newspaper quoted a senior US official who said the United States will warn that it has “visibility on transactions that are not compliant with sanctions," and "Those banks and firms face extreme risk if this continues.”
