Friday, May 23

EU turning the screws on Iranian Bank

I have been talking about how USA is pressing down on the Iranian financial sector. You see, by choking off the flow of funds, a modern economy can be brought to its knees. And the constant American pressure is showing dividends (if you excuse the pun). I quote:

Bank Melli, Iran’s biggest commercial bank, is set to be banned from operating in the European Union under proposals in the final stages of discussion in Brussels.

And as the article quotes:

But Mr Levey said the financial sanctions, international warnings about the risk of money laundering and terror-financing in Iran, and related moves by international banks to scale down business with Tehran had had a big impact.

“It certainly has made the cost of financing [in Iran] to the extent that anyone has offered it at all, much more expensive,” he said.

Not that it will make a difference to Iran...

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