Iranian bank put on sanctions list

Kyodo

The government said Tuesday it will impose sanctions on a major Iranian bank to increase the pressure on Tehran to give up its nuclear ambitions, Foreign Minister Koichiro Genba said.

An asset freeze has been imposed on Bank Tejarat, Iran’s third-largest bank, which has dealt with large volumes of trade settlements, a Foreign Ministry official said.

“There may be a slight impact” on the Japanese economy, Genba told reporters. “But we believe that it is now most important to carry out international cooperation.

“I have said every time that we are always thinking about what sanctions will be effective (against Iran) and the latest step is part of such efforts,” he said.

Bank Tejarat is the 21st Iranian-linked financial institution to be subject to Japan’s measures. Other major Iranian banks have already been included in the sanctions, the ministry official said.

The U.S. and the European Union have already imposed sanctions on Bank Tejarat.