US official warns against business deals with Iran

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The top U.S. Treasury official dealing with sanctions has told companies interested in doing business in Iran to "hold off."

Speaking in Turkey, which is looking to expand business opportunities with its neighbor, David Cohen warned that there are still significant sanctions in place against Iran.

"The day may come when Iran is open for business but the day is not today," Cohen said.

Last week, the United States and the European Union partially lifted economic sanctions on Iran after it unplugged banks of centrifuges involved in its most sensitive uranium enrichment work, as part of a deal aimed at easing concerns over Iran's nuclear program.

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