 The total assets frozen in Britain under the EU (European Union) and UN sanctions against Iran are approximately £976,110,000 ($1.64 billion).In 2008, the US Treasury ordered Citigroup Inc. to freeze over $2 billion held for Iran in Citigroup accounts.For individuals and small businesses, these banking restrictions have created a large opportunity for the hawala market, which allows Iranians to transfer money to and from foreign countries using an underground unregulated exchange system.