Bank Saderat Sanctions Relief a Major JCPOA Outcome

A lawmaker praised a recent decision by Britain's Treasury to remove sanctions on Bank Saderat PLC and its London-based branch as a major step toward the implementation of the 2015 Iran nuclear deal.

"The release of Bank Saderat's assets in Europe is a very important step toward carrying out the JCPOA terms," Valiollah Nanvakenari added in an interview with ICANA on Wednesday. JCPOA stands for the Joint Comprehensive Plan of Action, the formal title of the nuclear accord, which has been in effect since Jan. 16 to ease sanctions against the Islamic Republic in exchange for rolling back its nuclear program.

"We hope that the decision will not remain just on paper and will be implemented as soon as possible," Nanvakenari said.

The UK Treasury's Office of Financial Sanctions Implementation said Monday in a brief notice that Britain removed its sanctions on Iran-based Bank Saderat, as well as London-based Bank Saderat PLC, the Wall Street Journal reported.

It did so, according to the notice, because a European regulation published in April, following the implementation of the nuclear deal with Iran, held that sanctions would remain on the bank until Oct. 22.

"As that date has now passed, Bank Saderat Iran and Bank Saderat PLC are no longer subject to the restrictive measures set out in the regulation, including the asset freeze," the notice said.

An undated statement on the London-based bank's website referred to the imposition of sanctions in 2010 as occurring due to its Iranian ownership and not for violation of UK or European laws. Saderat, according to its website, was founded in 1952 and operates the largest banking network in Iran.

Europe imposed sanctions on Saderat because of its alleged involvement in Iran's nuclear program. The bank remains under US sanctions.