US said expected to sanction Iranian bank

Washington, Jan 9: The United States is expected to announce sanctions against Bank Sepah, a big Iranian commercial bank, under a presidential order aimed at freezing the assets of proliferators of weapons of mass destruction and their supporters, several US officials and diplomats said.

The action is expected to be announced soon, the officials told Reuters yesterday, speaking on condition of anonymity.

Undersecretary of Treasury Stuart Levey, who leads U S efforts to combat terrorist financing and money laundering, has called a news conference for Tuesday to make an announcement on Iran but his office declined to disclose details.

The new sanctions, under an executive order President George W Bush signed in June 2005, reflects the administration's determination to use US authorities to pressure Iran to abandon its nuclear programme, something Tehran has repeatedly insisted it will not do.

US officials told Reuters they hope such action will set an example for other countries as to how a recently passed UN Security Council resolution imposing sanctions on Iran should be implemented.

Bank Sepah International Plc (BSIP), incorporated in the United Kingdom, specializes in providing finance and services for international trade worldwide with a particular focus on Iran and the Persian Gulf region, according to its Web site.

The bank is a wholly owned subsidiary of Bank Sepah, Iran, which was established in 1925 and is the oldest of the Iranian banks. Bank Sepah has a large network of branches in Iran as well as offices in Paris, Frankfurt and Rome.

REUTERS

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