Report: Iran bank in Germany being used to bypass sanctions

July 19, 2010 10:30

An Iranian-owned bank based in Germany has been increasingly used by to bypass sanctions on companies associated with the Iranian military with total deals valued at more than one billion dollars, the Wall Street Journal reported on Monday.

The European-Iranian Trade Bank, known by its German initials EIH,  has conducted business on behalf of the Iranian Revolutionary Guard Corps - which controls major business interest in Iran - and units of Iran's Defense Industries Organization and the Aerospace Industries Organization from its headquarters in the German city of Hamburg, Western officials told the Wall Street Journal.

German banking officials have allowed EIH to continue operating because it was not listed in the sanctions passed in the UN Security Council resolutions.

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