Morocco FM warn banks against dealing with Iran

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Companies and banks in Morocco have been warned against trading with Iran following the US’ imposition of sanctions on the Islamic Republic, knowledgeable sources have said.

According to a document issued by Moroccan Foreign Ministry and published by the Moroccan newspaper, Lacom, the ministry warned the Moroccan Banking Association (GPBM) of the outcomes of dealing with Iranian assets and investments.

US President Donald Trump has threatened America’s trading partners of repercussions if they do not halt trade with Iran.

US President Donald Trump speaks during a joint press conference with Russia’s President Vladimir Putin (not seen) after their bilateral meeting in Helsinki, Finland on 16 July, 2018 [Stringer/Anadolu Agency]

“The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!” Trump declared on Twitter.

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The move comes after Trump unilaterally withdrew from the nuclear deal signed between world powers and Iran in 2015 which saw sanctions removed from Tehran in return for the curbs on its nuclear programme.

The sanctions touch upon Iran’s trade in gold and precious metals and exchange or acquisition of US dollars, in addition to banning Iranian currency transactions.

Other penalties have been imposed on automotive, vehicle and aircraft purchases, but exports of medicines, medical devices and foodstuffs are exempt.

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