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UN Security Council removes sanctions on Iran’s Bank Sepah

18 January 2016 7:02


The UN Security Council has crossed off Iran’s Bank Sepah and its international subsidiary from its sanction list following the implementation of a historic nuclear agreement between Tehran and the world powers.

The measure was taken on Sunday, a day after the implementation of the Joint Comprehensive Plan of Action (JCPOA) was announced by Iranian Foreign Minister Mohammad Javad Zarif and European Union foreign policy chief Federica Mogherini.

Bank Sepah had been on the UN’s blacklist since 2007 over an alleged role in Iran’s missile program.

Meanwhile, US Secretary of State John Kerry announced that his country would repay Iran a $400 million debt remaining from the 1979 Islamic Revolution, along with an additional $1.3 billion in interest.

Earlier, Head of Iran Chamber of Commerce Mohsen Jalalpour said that Iran would re-apply to join the Society for Worldwide Interbank Financial Telecommunication (SWIFT) now that the sanctions are lifted.

The JCPOA’s implementation and the lifting of sanctions imposed on Tehran over its nuclear program was announced after the International Atomic Energy Agency confirmed that the Islamic Republic has remained committed to the nuclear agreement finalized in Vienna, on July 14, 2015, between Iran and the United States, Germany, Britain, Russia, China as well as France.

Under the JCPOA, limits were put on Iran’s nuclear activities in exchange for the removal of sanctions against the Islamic Republic.

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