Bank Sepah

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The first Iranian bank, Bank Sepah was established in 1925 (corresponding to 1304 in the Iranian Calendar); its first branch, in Rasht, opened in 1925. The bank also has branches in Frankfurt, Paris and Rome as well as a wholly owned subsidiary, Bank Sepah International plc which operates in the UK.

Sanctions were imposed on Bank Sepah by the United States on January 9, 2007 due to Iran's suspected nuclear weapons program.[1]

The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons. [2]{Citation needed}It is also said that Iran cooperated with North Korea in terms of acquiring nuclear technology and other military material such weapons and various missiles. All subsideries in Rome, Great Britain and Germany [3] will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.[4] The official website [5] of Bank Sepah in Iran reacted by mentioning the American resolution "fabricated statements based on purely hypothetical pretext, made out of political inducements" and promised that the bank will "continue with its efficient performance with due observance of internal and international regulations as before."

Further sanctions have also been imposed by the United Nations on March 29, 2007 due to the arrest by the Iranian Government of British army personnel.

The Italian Central Bank on March 30, 2007 followed up on these sanctions by stopping its activities. [6]