Updated on
Summary The decision cuts off yet another of Iran's links to the international financial system.
Dubais Noor Islamic Bank says it stopped doing business with Iranian banks in December, shortly before new U.S. sanctions targeting the Iranian financial system were announced.Dubai is a major Middle East banking and commercial hub and a key trading center for Iranian merchants.Noor declined to say on Wednesday how much business it had been doing with the Islamic Republic.A report in The Wall Street Journal quoting unnamed officials suggested the bank had been the largest handler of Irans foreign oil receipts.The bank is chaired by a son of Dubais ruler.
