1.

It shall be prohibited for credit and financial institutions falling within the scope of Article 49 to do any of the following: to open a new bank account with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2); to establish a new correspondent banking relationship with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2), to open a new representative office in Iran or to establish a new branch or subsidiary in Iran; to establish a new joint venture with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2).

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Source: EUR-Lex (Cellar) · retrieved 2026-11-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.