
Iran Focus
London, 18 Nov – On Tuesday, Germany’s Federal Financial Supervisory Authority (BaFin) announced that a credit ban has been imposed on Iran’s Bank Sepah for violating the country’s credit law. Previously, the UN, US and EU had sanctioned Bank Sepah over its role in Iran’s illicit missile procurement activities.
On Friday, BaFin spokeswoman, Sabine Reimer, told news media 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.” However, Reimer could not provide additional information due to her obligation to secrecy. According to BaFin, the ban on credit went into effect on October 13th.


