German Bank Sanctioned for Ties to Iran

(UPI) The U.S. Treasury Department announced that it was sanctioning German bank Europaisch-Iranische Handelsbank (EIH) for "actively facilitating" business with Iranian banks that Washington says are connected to arms exporters in Iran. The Hamburg bank is accused of working with Iranian financial institutions Bank Mellat, Persia International Bank, the Export Development Bank of Iran and Post Bank of Iran, all of which are the subject of Washington and European sanctions. Stuart Levey, the U.S. undersecretary for terrorism and financial intelligence, said EIH was acting as a "financial lifeline" for Iran. EIH is the 17th financial institution designated by the U.S. for alleged ties to Iranian weapons.

2010-09-15 08:56:53

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