$14 billion Iranian Bank Sepah Hit by US Sanctions
By Jonathan Winer
In a move that will have impact internationally, the U.S. Treasury announced the imposition of economic sanctions on Iran's fifth-largest bank, Bank Sepah, which has some 290 branches in Iran, a presence in Rome, Paris, and Frankfurt, and a wholly-owned subsidiary in London.
In announcing the move, Treasury Under Secretary Stuart Levey called the bank "the financial linchpin of Iran's missile procurement network" which " has actively assisted Iran's pursuit of missiles capable of carrying weapons of mass destruction."
Under Secretary Levey also said that Treasury would be calling on other countries to follow the U.S. action with their own.
Given the magnitude of Bank Sepah's operations, this move could have wide impact, to be discussed further in a later posting,
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