The U.S. campaign to rein in Iran has scored a victory in the German financial sector, after the Deutsche Bundesbank− the country’s central bank− imposed a rule stopping a $400 million cash delivery to Tehran. Iran’s cash-starved economy desperately needs hard currency ahead of crippling U.S. bank sanctions that will be introduced in November. Germany allows the Iranian-owned European-Iranian trade bank (EIH) to operate in Hamburg. The EIH holds more than $400 million that Tehran wants to receive in cash ahead of a second wave of U.S. sanctions due in November that impact banks and Iran’s energy sector. The Deutsche Bundesbank has cooperated with the EIH in the past to circumvent U.S. sanctions on Iran. The U.S. and the European Union previously sanctioned the EIH for its role in advancing Iran’s nuclear and missile programs. The sanctions on the EIH were lifted after the world powers reached an agreement to curb Iran’s nuclear program in 2015. IRAN CROWDS REPORTEDLY CHANT ‘DEATH TO THE DICTATOR!’ AS US SANCTIONS INCREASE ECONOMIC UNREST But President Trump effectively tore up the “decaying and rotten” deal in May and vowed to impose greater sanctions on the regime. The disclosure in July that German Chancellor Angela Merkel’s government… Read full this story
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