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Turkey Snubs US Ban on Iran Bank

Service : Economy
TEHRAN, April 29 (ICANA) – Ankara has rebuffed Washington's call to restrict transactions of Iran's Bank Mellat in Turkey, rejecting the unilateral US-EU sanctions against the bank, a report says.
Friday, April 29, 2011 3:34:56 PM
Turkey Snubs US Ban on Iran Bank

In response to Washington's request, Ankara has argued that Bank Mellat has not been listed among the Iranian banks subject to the United Nations' sanctions and that Turkey has no commitment towards other unilateral sanctions imposed by the US and the EU, state-sponsored BBC Persian TV network reported on Thursday.

Ankara also reiterated that Iran is a key natural gas provider to Turkey and under the existing circumstances it is impossible for Ankara to sever its economic ties with Tehran, the report said.

An undersecretary of the US Treasury Department who has recently visited Turkey to discuss the enforcement of sanctions against Iran and Libya, has argued that the monetary transactions through Bank Mellat in Turkey can help the Islamic Republic to bypass the sanctions.

Following the adoption of the June 9 UN Security Council resolution against Iran, the US and the European Union imposed additional unilateral sanctions on the Islamic Republic over its civilian nuclear program.

Tehran says the sanctions have further promoted the country's trade and made the economy even more resilient in face of such embargos.

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