UN removes Iranian bank Sepah and subsidiary from sanctions list

United Nations Security Council.
United Nations Security Council.PHOTO: AFP

UNITED NATIONS (AFP) - The UN Security Council removed the Iranian bank Sepah and its international subsidiary from the UN sanctions blacklist on Sunday (Jan 11) after Iran came into compliance with the nuclear deal.

Iran's oldest bank, Bank Sepah, and its wholly owned subsidiary Bank Sepah International were placed on the sanctions list in 2007 for supporting firms linked to Iran's banned weapons programmes.

A UN statement said the bank and its affiliate were removed from the sanctions list in line with a resolution adopted in July after the historic nuclear deal was reached.

The UN Security Council has imposed four sets of sanctions on Iran from 2006 to 2010, but these resolutions were scrapped with the entry into force of the accord.

The council in July adopted a resolution to remove most of the sanctions in place, although restrictions still apply to missile technology.

The International Atomic Energy Agency (IAEA) certified on Saturday that Iran had carried out all of its commitments under the historic deal, clearing the way for the lifting of international sanctions.

UN Secretary-General Ban Ki Moon welcomed the implementation of the Iran nuclear accord and voiced hope that the success would boost regional stability.

The UN sanctions blacklist for Iran subjects 43 individuals and, with the removal of Bank Sepah, 77 entities to a global travel ban and an assets freeze.

Bank Sepah had been listed for providing support to Aerospace Industries Group, including Shahid Hemmat Industrial Group and Shahid Bagheri Industrial Group, both of which were placed on the sanctions list in 2006.