Sanctions on Iranian banks futile
Tehran, 2008 Aug 22, PressTV
The US sanctions have not prevented Iran's Bank Mellat from doing its routine business affairs throughout the world, an Iranian official says.
Managing director of Bank Mellat, Ali Divandari told the Financial Times although the US sanctions "initially had a negative impact on the bank's reputation in practice there was no halt to our operations".
The US imposed sanctions on three major Iranian banks-Bank Mellat, Bank Melli and Bank Saderat-for financing Iran's nuclear program. Those sanctions ban any transactions between a US citizen or institution with the three banks.
"We are now working with important international commercial and correspondent banks on a daily basis, including European, Asian and African ones," said Divandari.
The UN Security Council has also imposed three sets of sanctions on Iran under US pressure and because Iran has refused to bring to halt its uranium enrichment activities.
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