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Addr:
Persia Int. Bank PLC.
6 Lothbury
London
EC2R 7HH
Tel:
+44 (0)20 7606 8521
Fax:
+44 (0)20 7606 2020
Email:
info@persiabank.co.uk
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European Union sanctions against Iran – important announcement (27 July 2010)
On 27 July 2010, Council Implementing Regulation (EU) No 668/2010 (the "EU Implementing Regulation") was published in the Official Journal of the European Union implementing Article 7(2) of Council Regulation (EC) No 423/2007 of 19 April 2007 concerning restrictive measures against Iran (the "EC Regulation"). As a consequence of the EU Implementing Regulation, Persia International Bank Plc ("PIB") has been added to the list of persons or entities in Annex V to the EC Regulation who have been determined by the Council of the European Union to fulfil the criteria set out in Article 7(2) of the EC Regulation. The effect of the listing is to impose certain financial sanctions, including an asset freeze, on PIB. The EU Implementing Regulation is given further effect in the UK by the Iran (European Communities Financial Sanctions) Regulations 2007 (the "UK Iran Regulations").
It is not alleged that PIB has breached any UN Security Council Resolution, the EC Regulation or the UK Iran Regulations and further, it is not alleged that PIB has been involved in any wrongdoing whatsoever.
The EC Regulations and the UK Iran Regulations detail the circumstances under which payments can or cannot be made by or to PIB.
HM Treasury has published on its website a notification relating to the EU Implementing Regulation (the "HM Treasury Notification") and a supplement to such notification which provide information about how the sanctions affect PIB (the "HM Treasury Supplement"). The HM Treasury Notification and HM Treasury Supplement [are attached and] can [also] be accessed via the following links:
HM Treasury Notification
http://www.hm-treasury.gov.uk/d/fin_sanctions_iran_270710.pdf
HM Treasury Supplement
http://www.hm-treasury.gov.uk/d/fin_sanctions_iran_supplement_270710.pdf
The position as set out in the HM Treasury Notification and HM Treasury Supplement is summarised below:
Payments due from PIB
PIB is currently prevented from making any payments unless a licence is obtained from HM Treasury to do so.
HM Treasury have notified the European Commission of their intention to licence payments due from PIB under pre-27 July 2010 contracts.
Applications for payment from persons holding a letter of credit with PIB, including the Dubai branch, should be made to HM Treasury using the licence application form in Annex II to the HM Treasury Supplement.
Payments due to PIB
Annex I to the HM Treasury Notification is a licence from HM Treasury which allows any person in the United Kingdom to make payments due to PIB under any contract, agreement or obligation that was concluded or arose prior to 27 July 2010 provided that any sums are paid into a frozen account held by PIB. These will include, for example, payments under loan agreements, participations, guarantees, letters of credit and any other instrument which gives rise to a contractual payment obligation to the bank.
PIB is therefore entitled and expects to receive payment of loans and any other contractual payment obligations to the bank in the usual way.
Please contact [Mr. Naresh Patel], Compliance Officer, on 0207 214 7260, or the person at PIB with whom you usually deal for further information.
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