Iran bank expects billions in compensation from UK in next months

Baku, Azerbaijan, March 7

By Farhad Daneshvar - Trend:

Iran's largest private bank, Bank Mellat, expects to receive four billion dollars in compensation by mid-May from the UK for loss of business due to wrongly imposed sanctions on the bank over its alleged involvement in the country's nuclear program.

Chief executive officer of Bank Mellat Ali Rastegar has said that his bank earlier filed a legal case at the Supreme Court of the United Kingdom against the UK government demanding four billion dollars in compensation for loss of business caused by wrongfully placed sanctions on the bank over the past several years, ILNA news agency reported.

The Supreme Court of the United Kingdom ruled in favor of Bank Mellat and the ruling is passing through the final stages, he added.

Speaking about the ruling, Rastegar said that the banks should receive four billion dollar in compensation by 21 May.

Over the past decade in a bid to curb Iran's nuclear program, the international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as its connection to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which have had a catastrophic impact on Iranians' economic situation and life conditions.

Although, the country's banks are gradually being reintegrated with the international financial system following the removal of sanctions in mid-January, Tehran blames western banks for postponing the reintegration process as the westerners still remain nervous about resuming normal business with Iran.

There have been contradictory reports regarding Iran's reconnection to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) over the past several weeks and following the removal of international sanctions against Tehran on Jan. 16.

While a group of Iranian conservative and hardliner media affiliated with opponents of the administration of moderate President Hassan Rouhani question Iran's reconnection to the SWIFT, administration officials repeatedly announce that Iranian banks have already been reconnected to the worldwide financial system.

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