Tabriz,South Azerbaijan,Nov 19
Germany’s Federal Financial Supervisory Authority (BaFin) announced on Tuesday that the agency 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.
Sabine Reimer, a BaFin spokeswoman, told The Jerusalem Post on Friday that “a credit ban against Bank Sepah’s branch in Frankfurt was imposed because the institution violated the requirements of the rules of a business organization according to paragraph 25a of the lending law.”
She said that she could not provide additional information on account of the obligation of secrecy. The ban on credit went into effect on October 13, according to BaFin.
In addition to Frankfurt, Bank Sepah has European branches in Paris, Rome, and London.
Bank Sepah is a state-owned bank that the US Treasury Department stated is the “bank of choice” for Iran’s Aerospace Industries Organization (AIO). According to the US Treasury Department, “AIO, a subsidiary of the Iranian Ministry of Defense and Armed Forces Logistics, oversees all of Iran’s missile industries and is the overall manager and coordinator of Iran’s missile program.”
