US: One institution in Turkey effectively violates Iran sanctions

The US Treasury is close to a decision whether to blacklist more banks that appear to be defying sanctions against Iran, including an institution in Turkey, which it did not name.  David Cohen, the nominee for the US Treasury’s undersecretary for terrorism and financial crimes, told a U.S. Senate confirmation hearing May 3 that he will vigorously enforce the Comprehensive Iran Sanctions, Accountability and Disinvestment Act (CISADA).  Cohen added that a financial institution in Turkey is not responsive to the US Government’s overtures and continues its engagement with Iran.

The Iranian Bank Mellat, which has branches in Istanbul, Ankara and Izmir, is believed to be the institution.  Turkey has an extensive trading relationship with Iran, particularly in imported natural gas, and has repeatedly said that it will fully implement the UN sanctions only, not the tougher US and EU sanctions.

Source: Today’s Zaman


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