On 23 January 2016, the EU removed two Iranian banks – Bank Sepah and its subsidiary, Bank Sepah International – from sanctions lists (the EU measure can be found here). These two banks will now be permitted to do business with the EU.
The UN had previously delisted Bank Sepah and Bank Sepah International on 17 January 2016. The U.S. removed the two banks from the SDN list on Implementation Day, 16 January 2016, although Bank Sepah was added to the new EO 13599 List and so remains subject to U.S. restrictive measures.
A number of banks remain listed under EU sanctions against Iran, namely Ansar Bank, Bank Saderat Iran, Bank Saderat PLC, and Mehr Bank.
For a full report on the Iran sanctions relief, see our Client Alert, “European Union, Switzerland, and the United States Relax Sanctions Targeting Iran on “Implementation Day”; Canadian Sanctions Under Review“.
