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US Treasury sanctions Iraq’s Elaf Bank for business with Iranian Banks

The US Treasury Department has imposed sanctions on China's Kunlun Bank and the Elaf Islamic Bank in Iraq for providing financial services to Iranian lenders. "Our actions to cut off Kunlun and Elaf from the US financial system underscore Treasury's commitment to use all the tools at its disposal to intensify financial pressure against Iran while protecting the US financial system from illicit activity," said undersecretary for terrorism and financial intelligence David Cohen. "Any bank, anywhere, that seeks to provide a financial lifeline to Iran's designated financial institutions should know that it will be held accountable and its activity will be exposed," he said.