Accessibility links

Dubai Bank Stops Transferring Funds For Iranian Oil Sales


A woman walks past a branch of Noor Islamic Bank in Dubai.

A woman walks past a branch of Noor Islamic Bank in Dubai.

The U.S. government has forced Dubai-based Noor Islamic Bank to stop channeling billions of dollars from Iranian oil sales through its accounts.

The move, part of increasing pressure to curb Tehran's disputed nuclear program, cuts off another of Iran's links to the international banking system -- forcing it to seek other channels to handle foreign-currency earnings on oil sales.

The United Nations and Western countries imposed sanctions over what they say are efforts to develop nuclear weapons.

Tehran says its nuclear program is for peaceful, civilian purposes.

Ever tighter sanctions have forced many Iranian companies to resort to barter to pay for their imports.

The Central Bank of Iran is now accepting gold as payment for oil as dollar transfers become more difficult.

Based on Reuters reporting
XS
SM
MD
LG