US secondary sanctions are penalties on non-US banks and firms for dealing with sanctioned countries or networks. They work because foreign banks need US dolla…
The 1977 International Emergency Economic Powers Act lets the President regulate transactions after declaring a national emergency. Most sanctions orders still rest on i…
The Iran and Libya Sanctions Act threatened penalties on foreign firms investing in Iran's oil and gas. Helms-Burton had targeted foreign firms in Cuba months earlier.
A foreign bank serving the IRGC or designated Iranian banks could now be barred from US correspondent accounts, cutting it off from dollar clearing.
Treasury cut China's Bank of Kunlun and Iraq's Elaf Islamic Bank off from the US system for serving Iranian banks. Thousands of other banks took the hint.
Under the nuclear deal, most nuclear-related secondary sanctions on Iran's oil and banks were lifted. Primary US sanctions stayed.
It requires sanctions on anyone making significant deals with Russia's defence or intelligence sectors. China was hit in 2018.
Treasury restored sanctions with over 700 designations. When oil waivers ended in May 2019, India stopped buying Iranian oil.
No. Turkey's defence agency was sanctioned for buying the S-400. India bought the same system and was never sanctioned.
From December 2023 foreign banks aiding Russia's war economy could be sanctioned. In June 2024 that covered dealings with VTB and Sberbank too.
The US added 25% to tariffs on Indian goods because India bought Russian oil, applying sanctions logic through trade instead of banking.
Treasury blocked Russia's two biggest oil firms and warned foreign banks. Reliance said it would comply.
Yes. After a trade deal in which India committed to stop importing Russian oil, the extra 25% duty was removed.
Mostly small Chinese teapot refineries. Treasury said it was ready to use secondary sanctions against banks serving them.
Treasury made anyone operating in Iran's digital assets, technology, gold, aviation or shipping sectors sanctionable, then hit banks in the UAE, Turkey and Russia.
Foreign banks still dealing with Iran could be sanctioned at any time without advance notification and should end those relationships now.
Read the complete story, FAQs and key facts.