Saturday , 24 July 2021

Swiss bank BCP halts all new business with Iran

Al-Arabia – Swiss lender Banque de Commerce et de Placements (BCP) has suspended new transactions with Iran and is winding down activities with the country after US President Donald Trump’s pullout from the nuclear deal with Tehran, the bank said on Tuesday.

“We have suspended any new transaction related to Iran after May 8, 2018 and started the ‘wind down period’ within the framework of OFAC announcement,” the bank said in a emailed statement to Reuters, referring to the US Treasury’s sanctions enforcement arm.

Trump’s withdrawal from the accord on May 8 was announced in tandem with the re-imposition of US sanctions within 180 days, prompting several European companies to announce their exit from Iran.