The U.K. on Monday placed more sanctions on Tehran by way of cutting off ties with all Iran-based banks, following a report from the International Atomic Energy Agency, which said the country is attempting to build nuclear weapons.
British Treasury Chancellor George Osborne said it is the first time the U.K. used such powers to sanction an entire nation’s banking sector, according to a statement from his office. All businesses in the U.K. must stop their relationships with Iranian banks, including the Central Bank of Iran.
“We believe that the Iranian regime’s actions pose a significant threat to the U.K.’s national security and the international community. Today’s announcement is a further step to preventing the Iranian regime from acquiring nuclear weapons,” Osborne stated.
He added that there is enough evidence that the banks of Iran are funding the country’s nuclear research and ballistic missiles programs. By the U.K. cutting off ties with Iran’s banks, the Islamic Republic will have a more difficult time supporting these programs.
“This measure will protect the U.K. financial sector from being unknowingly used by Iranian banks for proliferation-related transactions,” reads a statement from the Treasury.
