Jan 23 2008 |
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Bahrain bank shuns U.S. to freeze Iran business
TEHRAN - Iran denied here on Tuesday the news broadcasted by Reuters on Jan. 16 claiming that Bahrain's Ahli United Bank (AUB) has suspended business with Iran, yielding to U.S. pressure to isolate Tehran over its nuclear program.According to ISNA, Iran's Foreign Ministry's Spokesman Mohammad-Ali Hosseini repudiated that the banks of Bahrain, Kuwait, and China with the U.S. sanction plan over his country, adding the executive manager of AUB disclaimed the announcement.
Ahli United established Future Bank in 2004 as a joint venture with Bank Saderat Iran and Bank Melli Iran .
Future Bank 's main business is wholesale investment banking, and it targets financial flows between Iran and the Persian Gulf and it aims to channel debt and equity capital from the Persian Gulf into Iran.
Ahli United Bank has been named 'Best Foreign Exchange Bank in the Middle East 2008.
The Bush administration since October has constantly tried to sanction Iranian banks while financial institutions in Russia, China, and much of the Middle East have declined to cut ties, the Boston Globe reported. Washington has so far blacklisted Iran's BMI , Bank Mellat , and Bank Saderat.
These sanctions stem from an executive order that Bush issued in 2005 giving him unprecedented power to blacklist foreign banks.
According to this authority the U.S. government can shut any bank out of the U.S. financial system without ever having to make its evidence public, or even share the allegations with the banks themselves.
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