The UK will automatically refuse new UK licence applications from designated
Iranian banks and will not renew an existing general licence permitting limited
business after it expires next month. Affected banks include Sepah Bank, the UK
branch of Bank Melli Iran, Saderat Bank, Persia International Bank and Tejarat
(Commercial) Bank. The move aligns the UK with a US-led economic pressure
campaign initiated by Treasury Secretary Bessent to curb Iran’s links to the
global trading system; UK officials say the steps tighten existing sanctions
rather than introduce new ones.
