UK orders banks to halt Iran business, U.S. move expected

UK orders banks to halt Iran business, U.S. move expected
LONDON/WASHINGTON (Reuters) – Britain ordered its financial institutions Monday to halt all business with Iranian counterparts, including the central bank, and the United States is also expected to tighten sanctions over Tehran’s nuclear program. The British move however will not target trade in Iranian oil, a source familiar with the sanctions said. It also appeared unlikely that the U.S. Treasury would try to cut off the Iranian banking system entirely, a move that could disrupt global energy markets and harm the U.S. economic recovery. …