Iran: U.S. sanction of Malaysian branch unjustified

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TEHRAN - The Bank, Insurance and Public Firms deputy of the Iranian Ministry of Economy and Finance said that the reason behind the sanction of the Malaysian branch bank were baseless.

IRNA quoted Asghar Abolhassani saying on Saturday that Bank MellatBank Mellat has reviewed the reasons put forward for sanctioning the Malaysian branch of the bank but found no specific point or persuasive reason for this action.

He said that all banks around the world invest in legal channels and a false pretext was used by the U.S. to slap sanctions on the bank.

Abolhassani pointed out that Iran is a strong country with a range of financial connections around the world and limitations put on banks are to no avail. He noted that presuming sanctions do have a minimal effect measures will be taken to overcome the limitations.

The U.S. Treasury Department on Thursday announced sanctions against the Malaysian subsidiary of Iran's Bank MellatBank Mellat, which Washington says helps finance the proliferation of weapons of mass destruction.

The Treasury Department said Bank MellatBank Mellat "has facilitated the movement of millions of dollars for Iran's nuclear program."

Undersecretary for Terrorism and Financial Intelligence, Stuart Levey said that the measure helps "protect the integrity of the U.S. financial system and ensure that banks and regulators around the world are aware that First East Export Bank is in fact, an arm of Bank MellatBank Mellat."

Mellat is "an institution that has supported Iran's nuclear program in violation of UN Security Council resolutions," Levey said.

Britain in October ordered financial companies to stop trade with Bank MellatBank Mellat amid alleged nuclear links.

Western powers suspect Iran's nuclear program is aimed at making atomic weapons, a charge Tehran denies.

© Tehran Times 2009