U.S. Treasury Dept will allow 90-day wind-down period for fresh Iran sanctions

The U.S. Treasury Department said on Thursday it would allow for a 90-day period to wind down transactions in certain sectors of Iran's economy hit with fresh U.S. sanctions last week.

The period will allow people to wind down transactions in the construction, mining, manufacturing or textile sectors of Iran's economy that could fall under the sanctions, though new business would still be sanctionable, according to the Treasury Department's website.