Lebanese banks to comply with new sanctions on Iran

Central Bank Governor Riad Salameh declared that Lebanese banks are expected to comply with new financial sanctions imposed on Iran by the United Nations Security Council, the United States and the European Union. He noted that Lebanese banks are expected to respect international law and refrain from dealing with people and institutions blacklisted by the U.S. and the EU. He added that Bank Saderat, one of Iran's largest banks and operating in Lebanon since 1963, would have to comply with the new sanctions and with Lebanese banking regulations. Last June, the UN Security Council imposed new sanctions against Iran that include restrictions on financial transactions, a tighter arms embargo and authority to seize cargo linked to nuclear or missile programs. The new penalties, the fourth set of sanctions imposed on Iran by the Council since 2006, aim to block Iran's ability to develop nuclear weapons. The UN sanctions prohibit Iranian banks from opening new branches, subsidiaries, or representative offices in other countries, as well as from establishing new joint ventures, taking an ownership interest in or establishing or maintaining correspondent relationships with banks in other jurisdictions, in case such activities could contribute to Iran's nuclear activities or the development of nuclear weapon delivery systems.

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