Iran bank threatens legal action over sanctions
Thursday, 26 Jun 2008 11:20
Bank unhappy over Iran sanctions
Iran In Focus
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From our special correspondent
The London branch of Iran's largest bank says it will seek legal advice on the legitimacy of the latest round of European Union sanctions.
Melli Bank, as a UK registered bank, is legally and functionally distinct from its parent, the company said in a statement.
"It complies with all relevant sanctions (against Iran) and will continue to do so, and has an unblemished record of compliance with its regulators in the UK," said the bank.
Earlier this week the European Union imposed a ban on transactions of Iran's Bank Melli and its subsidiaries in London, Hamburg and Paris.
The latest round of sanctions earned a sharp rebuke from Tehran.
Iran's foreign ministry described the sanctions as illegal. and said they would have no impact on the country's resolve to develop its nuclear energy program.