02-06-2018 03:18 PM
The Euphrates –
European banks have suspended their dealings with Iran as US President Donald Trump announced the withdrawal from the nuclear deal and the return of sanctions against Iran, the Washington Times reported.
According to the newspaper, the Swiss bank Commercial Bank (BCP) has suspended new transactions with Iran.
The bank is the latest institution to suspend its dealings as part of a series of withdrawals from banks and companies from Iran after the United States announced a re-imposition of sanctions on Tehran.
Financial sources say the bank, which was founded in 1963, was one of the active players in commodity finance in Iran.
US President Donald Trump withdrew from an international nuclear deal with Iran on May 8 and said he would reinstate sanctions within 180 days, prompting many European companies to announce an end to work with Tehran.
“We stopped any new deal on Iran after May 8, 2018 and the ‘deflationary period’ began as part of the US Treasury Department’s Office of Foreign Assets Control,” BCP said in a statement.
This comes as the German lending institution announced last month its decision to suspend all financial transactions with Iran in July.
According to the Washington Times, when the US Ambassador to Germany, Richard Greniel was finally installed in Berlin, one of his first official actions was to call on German companies to stop dealing with the Iranian regime, which he called ‘the criminal regime supporting terrorism’.
Hernell has been heavily criticized by liberal media and advocates of Obama’s policies, but weeks later his actions have resulted in some major German companies announcing a suspension of their dealings with Iran.