Iran uses small bank in Germany to beat sanctions: Report
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Last Updated: Monday, July 19, 2010, 14:00
  
Washington: A small Iranian-owned bank in Germany has been used by the Iranian government to go around international economic sanctions and do business on behalf of blacklisted organisations, The Wall Street Journal has reported.

Citing unnamed Western officials, the newspaper late yesterday said the bank in question is the European-Iranian Trade Bank AG (EIH).

According to the report, the financial institution has done over a billion dollars of business for Iranian companies associated with Iran's military and ballistic missile procurement programmes, including companies sanctioned by the United States, the United Nations and the European Union.

The UN Security Council slapped a fourth set of sanctions against Iran in June for refusing to halt its uranium enrichment work, the most sensitive part of Tehran's controversial atomic drive.

The new UN measures authorise states to conduct high-seas inspections of vessels believed to be ferrying banned items to Iran and add 40 entities to a list of people and groups subject to travel restrictions and financial sanctions.

Meanwhile, the US administration added Iranian individuals and firms to a blacklist as part of US and European efforts to tighten the screws on Iran.

The new US sanctions target insurance companies, oil firms and shipping lines linked to Iran's nuclear or missile programmes as well as the Islamic Revolutionary Guards Corps (IRGC) and Iran's Defence Minister Ahmad Vahidi.

The Journal said that EIH's business partners include units of Iran's Defence Industries Organisation, the Aerospace Industries Organisation and the Iranian Revolutionary Guard Corps.

These companies are believed to be involved in the development of Iran's nuclear and missile programmes.

PTI


First Published: Monday, July 19, 2010, 14:00


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