To ask the Chancellor of the Exchequer what the implications are for Iranian banks based in the UK of the designation of Iranian entities and individuals for proliferation activities and support for terrorism by the United States on 25 October. (163896)

The United States sanctions of 25 October against Iranian individuals and entities are domestic measures and are not therefore part of UK law.

As the United States Department of the Treasury said in its press statement of 25 October, as a result of the measures all transactions involving any of the designees and any US person will be prohibited and any assets the designees may have under US jurisdiction will be frozen.