UK to release frozen assets of BSI, BSPLC

TEHRAN, Oct. 25 (MNA) – Britain's Ministry of Finance made the announcement that following the decision made by Council of the European Union, Bank Saderat's blocked assets will be released. The statement by Britain’s Ministry of Finance reads that Council Regulations of the European Union, in its new amendment, has removed the names of Bank Saderat Iran (BSI) and Bank Saderat PLC, the UK branch of BSI, from the list of institutions whose assets had been frozen due to connections with Iran’s nuclear document. It is worth mentioning that the EU Council had published the Council Regulation No 2016/203 of 20 April 2016 in its official journal. Under the Council Regulation, the applied financial sanctions against BSI and BSPLC were to remain in force as long as October 22, 2016. Accordingly, with two days having passed from the envisaged date, the two Iranian banks are no longer subject to the restrictions of the law which had blocked their properties. It is worth noting that the Council of Europe passed a Regulation in 2012 under which the assets of Banks Saderat Iran and its London branch were blocked on claims of being involved in Iran’s nuclear program.