The US Treasury on Tuesday widened sanctions against Iran's largest state bank by blacklisting 11 firms linked to Bank Melli and labelling them proliferators of weapons of mass destruction. The firms include Bank Melli Iran Investment Co, which the Treasury said was one of the largest listed firms on the Tehran Stock Exchange with interests ranging from petrochemicals to food and beverages.
The action prohibits Americans from doing business with the firms and seeks to freeze any assets that they may have under US jurisdiction. The Treasury previously designated Bank Melli as a weapons proliferator under a Bush administration executive order for what it said was financing activities and maintaining accounts for Iranian front companies engaged in weapons proliferation activities, including the purchase of sensitive materials used in nuclear and missile industries. Tehran maintains that its nuclear program is aimed at peaceful purposes, not developing weapons.