Iran: Bank Mellat returns to Seoul

Issue 1011 - 04 Mar 2016 | 1 minute read

One of Iran’s largest banks, is to reopen its branch in the South Korean capital within the next month, and rejoin the Swift international bank messaging system, which will mean it can issue letters of credit and transact trade finance once more. Bank Mellat has succeeded in a number of court actions in Europe, declaring EU and UK sanctions against it as unlawful; it is pursuing a £2.3bn ($4bn) damages against the UK government for losses caused while under sanctions.

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