US slaps sanctions on major Iranian bank

Last Updated: Tuesday, January 24, 2012 - 10:04

Washington: The US Tuesday slapped sanctions
against a major Iranian bank, which followed the additional tough sanctions against Tehran by the European Union.

The US Treasury Department designated Iran`s
third-largest bank, Bank Tejarat, for providing financial
services to several Iranian banks and firms already subject to
international sanctions for their involvement in Iran`s
nuclear activities.

In all, 23 Iranian-linked financial institutions, so far, including all of Iran`s largest state-owned banks, have been sanctioned by the US based on their involvement in Iran`s nuclear programme.

"At a time when banks around the world are cutting off
Iran and its currency is depreciating rapidly, today`s action
against Bank Tejarat strikes at one of Iran`s few remaining
access points to the international financial system," said
Treasury Under Secretary for Terrorism and Financial
Intelligence David S Cohen.

"Today`s sanction against Bank Tejarat will deepen Iran`s
financial isolation, make its access to hard currency even
more tenuous, and further impair Iran`s ability to finance its
illicit nuclear program," he said.

Sanctions against Bank Tejarat have been imposed for
providing financial services to Bank Mellat, the Export
Development Bank of Iran (EDBI), the Islamic Republic of Iran
Shipping Lines (IRISL), and the Ministry of Defense for Armed
Forces Logistics (MODAFL), all of which were previously
designated by the the Treasury Department or the Department of
State for their involvement in Iran`s nuclear activities.

Trade Capital Bank also was designated today for
providing financial services to EDBI and for being owned or
controlled by Bank Tejarat, the Treasury said.

PTI



First Published: Tuesday, January 24, 2012 - 10:04

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