By John Lee.
President Barack Obama has said that Iraq's Elaf Islamic Bank carried out "transactions worth millions of dollars" on behalf of Iranian banks that had been blacklisted because of their to Iran's nuclear programme.
"We will expose any financial institution, no matter where they are located, that allows the increasingly desperate Iranian regime to retain access to the international financial system," he said.
The White House also announced expanded sanctions against those who purchase Iranian petrochemical products or provide "material support" to the National Iranian Oil Company and the Central Bank of Iran.
(Source: The Telegraph)