UN removes Iranian bank from sanctions list

January 18, 2016  

The United Nations Security Council on Sunday cancelled the sanctions that were imposed on Iranian bank Sepah and its international subsidiary Sepah International, the Russian TASS news agency reports.

Sepah was put on the international sanctions list on March 24, 2007, on charges of offering financial support to the Iran Aviation Industries Organization and its subsidiaries subject to sanctions under resolution 1737, which was adopted by the UN after Tehran had refused to stop its uranium-enrichment activities, according to the report.

The move follows Saturday’s removal of sanctions on Iran, which was made possible after the International Atomic Energy Agency (IAEA) said that Iran has fulfilled its initial obligations under the terms of the nuclear deal reached with world powers last July.

Prime Minister Binyamin Netanyahu subsequently warned against the implementation of the nuclear deal, saying Iran is still seeking to achieve nuclear military capabilities.

“Even after signing the nuclear deal, Iran has not relinquished its ambition to obtain nuclear weapons, and continues to act to destabilize the Middle East and spread terror throughout the world while violating its international commitments,” a statement from Netanyahu’s office read.

He stressed that Israel would “follow the implementation of the deal and warn of any violation.”

U.S. President Barack Obama welcomed the lifting of the sanctions, saying, “This is a good day because once again we’re seeing what’s possible with international diplomacy.”

“For decades, our differences meant our governments hardly ever spoke – ultimately, that did not advance our interests,” he said, claiming that the deal with the leading state sponsor of terrorism means “Iran will not get its hands on a nuclear bomb.”

Meanwhile, Republican presidential candidate Ted Cruz promised he would rip up the Iran nuclear deal on his first day in office.

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