The general view of the European-Iranian Trade Bank AG

The Hamburg-based European-Iranian Trade Bank AG (EIH Bank) has vowed to “take immediate legal steps” against the sanctions imposed by the EU over its business with Iran.

On Tuesday, the EU froze the assets of the bank for what it claimed helping Iranian institutions evade sanctions they faced for links with Tehran’s civilian nuclear program.

EIH, however, said that it would continue to do business despite the new sanctions, adding the order “didn’t mean it would have to discontinue operations,” The Wall Street Journal reported.

The bank rejected claims that it violated EU or UN sanctions imposed on Iran over its civilian nuclear drive.

The Bundesbank, which oversees the enforcement of sanctions against banks in Germany, says EIH may continue to service contracts concluded prior to the sanction order.

Norbert Eisenmenger, an EIH department chief responsible for finances and marketing, told the paper that the bank is obligated to complete its long-term contracts.

“Nothing has changed; the same Bundesbank office which approved our transactions during the investigation will continue to approve our transactions under sanctions,” Eisenmenger said.

EIH was added to a list of institutions and individuals agreed as part of an extended EU sanctions package against Iran.

The US blacklisted EIH last year, claiming the bank provides financial services to four other banks already under EU and US sanctions, as well as serving as one of Iran’s access points to Europe’s financial system.

In June 2010, the UN Security Council imposed a fourth round of US-engineered sanctions against Iran’s financial and military sectors.

Washington and its European allies have also imposed unilateral measures against Iran’s energy sector.

Western powers accuse Tehran of following a military nuclear program, a charge repeatedly refuted by the Islamic Republic.