OFAC Clarifies Rules Related to Iranian Banks
October 2007
As of October 25, 2007 all U.S. persons are prohibited from engaging in any transactions with Bank Sepah, Bank Mellat, and Bank Saderat and each of the banks’ subsidiaries. Persons holding valid OFAC licenses are also prohibited from exportation or reexportation of agricultural commodities, medicine or medical devices to Iran or Sudan that would directly or indirectly involve the above listed banks.
In January 2007 Bank Sepah and its subsidiary Bank Sepah International PLC were designated pursuant of “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters”.
In October 2007 Bank Mellat and its branches and subsidiaries, Mellat Bank SB CJSC, Persia International Bank PLC, Bank Melli, Bank Kargoshaee, Bank Melli Iran Zao, Melli Bank PLC, and Arian Bank were also found pursuant of “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.”
During October 2007 Bank Saderat and its branches were designated pursuant to “Blocking Property and Prohibiting Transactions With Person Who Commit, Threaten to Commit, or Support Terrorism.”
More information:
Executive Order: Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters
