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 officia

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.