Assets of Iranian bank blocked in three countries

Iran Materials 16 September 2013 16:18 (UTC +04:00)

Azerbaijan, Baku, Sep.16/ Trend F.Karimov/

Assets of the Export Development Bank of Iran have been blocked in Bahrain, Italy, and Germany, the Mehr News Agency quoted the bank's Governor Bahman Vakili as saying.

In recent years the West and especially the U.S., has imposed great financial pressures on Iran to retreat from its nuclear ambitions, he said, adding that they sanctioned many of Iranian banks.

We have declared that we are not involved in any non-banking activity. So, any sanction against us will be against the international rules.

On September 6, a European Union court ruled that the EU should lift sanctions it imposed against seven Iranian companies dealing a new blow to Europe's efforts to use economic pressure to rein in Tehran's disputed nuclear work, Reuters reported.

The ruling which can be appealed, follows similar decisions earlier this year against sanctions imposed on two of Iran's biggest banks.

It covers: Post Bank Iran, Iran Insurance Company, Good Luck Shipping, Export Development Bank of Iran, Persia International Bank, Iranian Offshore Engineering and Construction Co and Bank Refah Kargaran.

Governments in Europe and the United States are hoping sanctions against such companies will make it more difficult for Tehran to fund its nuclear programme which they fear is designed to give Iran the capability to build bombs.

Iran denies having such intentions and says it needs nuclear power for energy generation and medical research.

The General Court, Europe's second-highest, said however that the EU had failed to produce sufficient evidence the listed companies were involved in atomic work.