UN Security Council removes Iranian bank from sanctions list

The United Nations Security Council announced  that it has removed Iranian Bank Sepah and its international subsidiary from a sanctions list, following yesterday’s announcement of a UN report confirming that Iran has completed necessary preparatory steps to start the implementation of a plan of action aiming to resolve the nuclear issue.

The report was submitted to the 15-nation Security Council after UN International Atomic Energy Agency (IAEA) inspectors on the ground verified that Iran has carried out all measures required under what is known as the Joint Comprehensive Plan of Action (JCPOA) to enable “Implementation Day” to occur.

In July, Iran and a group of six countries – China, France, Germany, Russia, United Kingdom and United States – reached the JCPOA through resolution 2231 (2015), entrusting the IAEA with verifying and monitoring Iran’s commitments.

The resolution noted that the JCPOA will “terminate all provisions of previous UN Security Council resolutions on the Iranian nuclear issue […] simultaneously with the IAEA-verified implementation of agreed nuclear-related measures by Iran.”

Bank Sepah had been under a Council-mandated asset freeze since 2007. It provides support for the Aerospace Industries Organisation (AIO) and subordinates, including Shahid Hemmat Industrial Group (SHIG) and Shahid Bagheri Industrial Group (SBIG).