The Export Development Bank of Iran (EDBI) joins Bank Melli, Bank Saderat and Bank Mellat on the list of Iranian organisations that US citizens are banned from using.

In a statement on 22 October, the US Treasury’s under secretary for terrorism and financial intelligence, Stuart Levey, said EDBI was “providing or attempting to provide financial services to Iran’s defence ministry and armed forces”.

The sanctions also prevent US citizens from dealing with three EDBI subsidiaries: EDBI Stock Brokerage Company, EDBI Exchange Company, and Banco Internacional de Desarollo, which is based in Venezuela.

The statement added: “Iran has adopted a strategy of using less prominent institutions, such as the EDBI, to handle its illicit transactions.”