"Therefore, Deutsche Bank continues to generally restrict business connected to Iran," the bank said in a statement. Iran and its Revolutionary Guard are notorious for using front companies and opaque financial transactions to circumvent sanctions. "Nor will we undertake any new transactions involving Iran or any party in Iran." The nuclear deal removed broad U.S. sanctions on Iran's economy, clearing the way for foreign companies to conduct business. "We want to make it clear that legitimate business, which is clear under the definition of the agreement, is available to banks," Kerry said after an unusual meeting in London with top financiers.

Source: ABC News May 12, 2016 02:07 UTC