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European-Iranian Bank to Launch Legal Action against EU Sanctions

Service : Economy
TEHRAN, May 27 (ICANA) – The European-Iranian Trade Bank (EIH Bank) announced that it will file an appeal to an EU decision to blacklist the bank.
Friday, May 27, 2011 7:45:19 PM
European-Iranian Bank to Launch Legal Action against EU Sanctions

The bank stressed in statement it had "always strictly complied with the resolutions of the United Nations Security Council and European Union regulations."

"Eihbank has taken wide-ranging measures to ensure compliance and observance of the regulations in their various prevailing versions," it said.

Therefore it added, it saw "no legal grounds' for being placed on the EU sanctions list and would be taking 'immediate legal steps against this measure."

The bank pointed out that regular audits by the German regulatory authorities and auditing companies of the transactions executed by the bank had provided "no grounds for objections."

Eihbank pointed out that contrary to press reports it would "not fully discontinue its operations" as it was able "to continue executing existing business within the framework of EU regulations."

"This means, for instance, that letters of credit advised by us up until 23 May 2011, enjoy a right of continuance, and will continue to be serviced in conformity with the currently prevailing EU regulations.

This also applies to the letters of credit of listed Iranian banks that were advised by us before the opening bank and ourselves had these restrictive measures imposed," the bank said, the Islamic republic news agency reported.

"Under the EU regulation, eihbank's assets have been frozen. However, they are available subject to approval by the Financial Sanctions Service Centre of Deutsche Bundesbank (Servicezentrum Finanzsanktionen der Deutschen Bundesbank) in Munich, Germany," it added.

Founded by a group of Iranian merchants in Hamburg in 1971, Eihbank was blacklisted by the EU on Monday following intense pressure by the US and its ally the Zionist regime.

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