WASHINGTON (CN) – The U.S. Treasury Department is adding pressure to the faltering Iranian economy by eliminating the so-called “U-Turn” exemption which allowed Iran to move money through the U.S. banking industry to convert currency to dollars so long as the transactions did not begin or end in Iran.
The process allowed Iran to deposit funds in a non-U.S. bank that transferred them to an account held by that bank in the U.S. where they could be transferred back to an account of a bank registered in a fourth country to buy goods and services from that country, thus “dollarizing” Iranian currency.
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