2013-08-15 10:25

Rial Forex Rate

1 EUR = 32967 IRR

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Financial sanctions against Bank Saderat Iran

All moneys and economic resources of Bank Saderat Iran in Europe are blocked (Regulation EU 961/2010 of 25.10.2010 by EU-Council). Therefore we are not able to handle any new business until further notice.

By July 14, 2015 the "5+1" negotiation for a comprehensive agreement on Iranian nuclear program resulted in a final agreement to release sanctions when the IAEA confirms that all nuclear materials in Iran are used for peaceful purposes. From the lifting of sanctions realized on January 16, 2016, however, Bank Saderat was excluded because in July 2010 it was listed by the EU wrongly among nuclear plants that are in accordance with the agreement to be released from the sanctions in October 2023 only.

The EU has never corrected this mistake- like many others, but the European General Court (4th Chamber, Case T 494/10) annulled the sanctions against Bank Saderat Iran already on 5 February 2013, because the justifying allegations were demonstrably false, at the same time the court blamed hard the procedures of the EU commission in this case.

The commission blocked the immediate implementation of the judgment by applying a manifestly unfounded appeal (5th Chamber, Case C-200/13 P). Only when it was rejected on April 21, 2016 Bank Saderat’s rights would have recovered belatedly. But the Commission, while many of its members at the same time were in Iran to discuss the deepening economic and political cooperation, found a way to continue Bank Saderat Iran withholding of their rights:
against the spirit of the agreement reached between the "5 + 1" and maliciously disregarding the judgment of the highest European court and under pretense of new reasons that will soon be invalidated, Bank Saderat Iran was subjected to the sanctions for another 6 months.

For benefit of economy and relations between our countries we will continue to prepare for the earliest return to active business.


Bank Saderat Iran - at a glance -

Bank Saderat Iran, based in Tehran, Iran was founded in 1952. As a large Iranian bank we offer universal banking worldwide with approximately 34,000 employees. The share capital amounts to 16 803 billion IRR.

Bank Saderat Iran - Germany -

In Germany, the banking license for business of any kind (except for the investment business pursuant to § 1 para 1 sentence 2 No. 6 KWG) administered by the German Banking Act was granted on 30th August 1961. The branches in Hamburg - established in 1962 - and Frankfurt - since 1979 - with total assets of over one billion Euros, registered in the Local Courts of Hamburg under HRB 9777 and in Frankfurt under HRB 16 521 apply to supervision as one bank according to § 53 para 1 sentence 1 KWG and are among the oldest foreign banks in Germany.

Because of our special affinity with home country Iran and our long experience, we are strategically focused on the management and financing of exports to Iran and the Persian Gulf States and see our core business within this geographical area.  We offer to our customers a full range of services around the handling of letters of credit, e.g. discounting of export proceeds, account keeping, payment services, loans, guarantees and deposit on attractive rates.

The Bank is statutory member of the German Banks Compensation Scheme and since 1979 member of the Deposit Guarantee Fund of the Federal Association of German Banks. Financial statements and management reports shall be published in the electronic Federal Gazette.