LONDON (AP) — The U.K. will cut financial ties with Iranian banks over fears about its nuclear program, Britain’s Treasury chief George Osborne said Monday.
Osborne said all U.K. financial institutions will cease business relationships and transactions with all Iranian banks, including the Central Bank of Iran on Monday. The ban extends to all branches and subsidiaries of Iranian banks.
Osborne said this is the first time the government has cut an entire country’s banking sector off.
 
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