Iranian bank likely to face US ire

Bank Sepah is expected to face sanctions over Iran's controversial nuclear programme.

    Tehran's civilian nuclear programme is viewed with suspicion by the US and its allies [AFP]

    The new sanctions - under an executive order from George Bush, the US president, signed in June 2005 - reflects the administration's determination to use US authorities to pressure Iran to abandon its nuclear programme, something Tehran has repeatedly insisted it will not do.

     

    US officials said they hope such action will set an example for other countries as to how a recently passed UN Security Council resolution imposing sanctions on Iran should be implemented.

     

    Bank Sepah International Plc (BSIP), incorporated in the United Kingdom, specialises in providing finance and services for international trade worldwide with a particular focus on Iran and the Persian Gulf region, according to its website.

       

    The bank is a wholly owned subsidiary of Bank Sepah, Iran, which was established in 1925 and is the oldest of the Iranian banks. Bank Sepah has a large network of branches in Iran as well as offices in Paris, Frankfurt and Rome.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.