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Oberbank: Austrian bank in Iran freezes business fearing U.S. sanctions

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English News
English News

4-Traders, March 31, 2018 - In contrast to former president Barack Obama's US administration, the Trump administration seeks a comprehensive plan to stop Iranian terrorism in the wider Middle East.
Austria's Oberbank, which entered Iran's financial system as the first European bank since the 2015 Iran nuclear deal, announced on Thursday that it has not moved forward with business transactions with Tehran because of US sanctions.
An article in the Austrian daily Die Presse wrote that “as the first Western financial institution Oberbank reached a financial agreement with Tehran in September. The projects remain 'on hold'----the US government massively 'hinders' the business.“
The article covered the financial soundness of Oberbank and was subtitled: “Only Iran business has not gained momentum.“ The Austrian report stated that US President Donald Trump will decide at the end of April whether the atomic agreement will be extended, and demands that Europe agree to tighten existing sanctions.
The paper added that the “secondary sanctions" could also affect firms outside of America: “We must very closely look at that," said the head of the bank Franz Gasselsberger. Oberbank is the seventh largest bank in Austria.
Trump stated in January that May 12 is the deadline for the European Union to fix the flaws in the 2015 Iran atomic deal that is formally known as the Joint Comprehensive Plan of Action (JCPOA). Austria along with Spain and Italy vehemently oppose remedying the JCPOA.
Concretely, the US wants to prevent the sun from setting on the JCPOA by converting the temporary sunset clause barring Iranian pathways to developing a nuclear bomb to a permanent feature of the JCPOA. Iran will have the right to build a nuclear weapons device when the JCPOA expires in seven years. The US also seeks immediate, robust inspections of Iran's nuclear and military facilities, as well as rigorous restrictions on Tehran's missile program.
The Trump administration is seeking a comprehensive plan to stop Iran's attempts to expand its influence in the region and its support of militias like Lebanon'sHezbollah.
In September, 2017, Oberbank officials met with representatives from Iran's central bank and finance ministry and inked a massive deal with the Iranians to enable Austrian firms to launch projects in the Islamic Republic. The Oberbank-Iran meeting in the Austrian city of Linz covered previously sanctioned business and is supposed to last more than two years, according to a 2017 Reuters report.
A Vienna-based reporter for the Islamic Republic News Agency tweeted in early march that Oberbank was part of a one billion Euro credit line with Iran's regime.
The giant Danish bank Danske also announced last year it will do business with Iran's regime. A growing number of US state governments, including New Jersey, Illinois and Colorado, sanctioned Dankse Bank for engaging in BDS (Boycott, Divestment, Sanctions) activity against Israel.

 

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