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Tags: Iran UN Sanctions

Iran Using German Bank to Bypass UN Sanctions

Monday, 19 July 2010 07:47 AM EDT

An Iranian-owned bank based in Germany has been increasingly used to bypass sanctions on companies associated with the Iranian military with total deals valued at more than one billion dollars, the Wall Street Journal reports.

As the international sanctions increase, Tehran is increasingly relying on the small, Iranian-owned bank to conduct business on behalf of the regime's blacklisted companies.

The European-Iranian Trade Bank AG—known as EIH Bank for its German initials—has done over a billion dollars of business for Iranian companies associated with Iran's conventional military and ballistic missile procurement programs, including companies blacklisted by the U.S., the United Nations and the European Union, according to a person familiar with the matter.

Among those companies are units of Iran's Defense Industries Organization, the Aerospace Industries Organization and the Iranian Revolutionary Guard Corps, Western officials told The Wall Street Journal. Western governments allege those companies are involved in the development of Iran's nuclear and missile programs.

Read the entire story at www.online.wsj.com

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Iran UN Sanctions
Monday, 19 July 2010 07:47 AM
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