Although the US, Britain and France are targeting Iran's banking sector — including its Central Bank — in the latest round of sanctions, they are omit- ting crude oil-related transactions for now. Britain's restrictions, announced ahead of the US on Nov. 21, extend not only to Iran's Central Bank but to all branches and subsidiaries of Iranian banks, which in theory would cut off the country's entire banking industry from London's financial markets. However, with crude oil sales excluded, the effect would be limited. The US is also going to sanction Iran's petrochemical industry, and foreign companies investing in them would be banned from access to US markets. These latest moves follow passage of a weak resolution by the International Atomic Energy Agency board late last week calling on Iran and the agency to "intensify their dialogue" to resolve outstanding issues (NIW Nov.14'11).
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