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US sanctions on Iran bank

Rachelle Younglai reports for Reuters:

The Obama administration on Monday imposed sanctions on Iran's third largest bank, making it harder for Tehran to access the world's financial system and fund its nuclear activities.

Iran's Bank Tejarat, and an affiliate Belarus-based Trade Capital Bank, were blacklisted for providing financial services to other entities already sanctioned for their involvement with the country's nuclear weapons program, the U.S. said.

"Today's sanction against Bank Tejarat will deepen Iran's financial isolation, make its access to hard currency even more tenuous, and further impair Iran's ability to finance its illicit nuclear program," Treasury undersecretary for terror finance David Cohen said in a statement.

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