Iran Urges IMF to Probe U.S. Bank Sanction
Iran has reportedly asked the International Monetary Fund (IMF) to determine whether U.S. sanctions against its Bank Saderat violate IMF rules on foreign exchange restrictions.According to Bahrain-based Gulf Daily News, IMF staff and Iranian finance officials discussed the effects of the U.S. action against Bank Saderat during annual economic consultations last November.
IMF documents published on Thursday reportedly detailed the talks, in which Iranian authorities expressed concern that the bank had been unable to issue letters of credit in dollars since the U.S. sanctions took effect.
The bank officials said the measure was also affecting the bank's available deposits.
The Iranian officials complained that several other banks in Europe and Asia with activities in the United States had cut off Saderat from operating in other currencies.
"The [Iranian] authorities have sent a note requesting fund management to ascertain whether the measure adopted by the U.S. Treasury constitutes an exchange restriction subject to fund approval," the IMF said.
Washington has been intensifying its campaign to mount economic pressures on Iran. Last month, the U.S. targeted Iranian state-owned Bank Sepah, which has branches in London, Paris, Rome and Frankfurt.
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