US Targets Iranian Banking Outpost In Moscow

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A review of the US designation of Asia Bank provides insight on financial sector exposure to Russia-based Iran risk, particularly with respect to Iran’s demand for foreign currency.

On August 29, 2014, the US government sanctioned Iranian-owned Asia Bank for providing financial services to the Central Bank of Iran. Asia Bank, formerly known as Chemeximbank, is based in Moscow. The designation of Asia Bank marks the first time that the US has sanctioned a Russia-based financial institution under Executive Order 13622 –– which prohibits certain financial dealings with Iran.

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