Payment of Billion-Dollar Fine for Violating Iran Sanctions
Italy’s major bank “UniCredit” and German bank “HypoVereinsbank” were forced to pay a fine of 1 billion and 300 million dollars to the U.S. Federal Reserve for circumventing Iran sanctions. Both banks have agreed to pay the fine.
In recent months, the United States has demonstrated that when it comes to imposing penalties for circumventing Iran and other countries’ sanctions, it acts decisively and persistently. This is the assessment of the German news agency regarding the imposition of fines on the two Italian and German banks.
On Monday, April 15, the German news agency reported from Washington and New York about the imposition of fines on the major Italian financial company “UniCredit.”
According to the decision of American authorities, the Italian financial company “UniCredit” and the affiliated German bank “HypoVereinsbank” were forced to pay a fine of 1 billion and 300 million dollars. The reason for the fine was stated as violation of Iran and other countries’ sanctions.
Agreement with the U.S. Federal Reserve
The German news agency reported in its report the agreement of officials of this major Italian financial institution to pay the mentioned fine.
The U.S. Treasury Department confirmed the agreement between the two banks “UniCredit” and “HypoVereinsbank” to pay the fine. Thus, the legal dispute between the U.S. Federal Reserve and the major financial institution “UniCredit” comes to an end.
The case of violation of Iran’s economic sanctions by “UniCredit” mainly pertains to financial transactions between the bank’s German branch in Munich and financial institutions of the Islamic Republic of Iran.
It is said that UniCredit’s German branch, operating under the name “HypoVereinsbank,” was involved in transferring hundreds of millions of dollars from the American financial system in financial transactions with Iran. At the same time, it has been stated that the Islamic Republic of Iran used this money to support terrorism and also to build weapons of mass destruction.
The ruling to pay the fine in connection with UniCredit’s financial case was issued by a court in Manhattan.
It should be noted that Italy’s “UniCredit” acquired the German bank “HypoVereinsbank” in 2005. William Sweeney, an FBI official in New York, said after the ruling was issued for these two banks to pay the fine:
“This case is an excellent example to demonstrate that the belief that these financial institutions can circumvent sanctions and hide their financial activities from the U.S. financial system is nothing but a false belief.”
Source: DW
