Iran's state bank denies reports on Germany-imposed sanctions

Business Materials 18 November 2017 14:58 (UTC +04:00)

Baku, Azerbaijan, Nov. 18

By Khalid Kazimov – Trend:

An Iranian state-run bank has rejected recent reports suggesting that Germany has imposed fresh sanctions on its branch in Frankfurt.

Amir Hosseini, the head of the international department at Bank Sepah, has said that banking ties between his bank and Germany are developing, the public relations office of Bank Sepah announced.

Hosseini added that the branch of Bank Sepah in Frankfurt conducted the transaction of about 52 million euros on Friday.

The Jerusalem Post earlier reported that Germany's Federal Financial Supervisory Authority (BaFin) had imposed a credit ban on Iran's Bank Sepah for violating the country's credit law. Bank Sepah was previously sanctioned for its role in aiding Tehran's missile program.