eihbank removed from EU sanction list
16.01.2016

We are pleased to inform that eihbank has been removed from the EU sanction list with immediate effect. As of Implementation Day we are able to render our full range of services to customers and correspondent banks. This includes letter of credit business as well as confirmation and financing of those letters of credit advised by us.

In July 2015 the Joint Comprehensive Plan of Action (JCPOA) was concluded between the Islamic Republic of Iran and the E3/EU+3 in order to lift the nuclear-related sanctions on Implementation Day.

Implementation Day occurred on 16 January 2016 upon verification of the IAEA to the UN Security Council that Iran had fulfilled it nuclear-related commitments specified in the JCPOA. Simultaneously the E3/EU+3 lifted on the same day the economic and financial sanctions taken in connection with the Iranian nuclear programme.

Sanctions lifted by the European Union:

  • Financial, banking and insurance measures
  • Oil, gas and petrochemical sectors
  • Shipping, shipbuilding and transport sectors
  • Gold, other precious metals, banknotes and coinage
  • Metals
  • Software
  • De-listing of persons, entities and bodies

The implementation of UN Security Council resolution 2231(2015) in accordance with the JCPOA was accomplished through the EU legal acts of 18 October 2015, namely Council Decision (CFSP) 2015/1863 amending Council Decision 2010/413/CFSP and the two Council Regulations (EU) 2015/1861 and Council Regulation (EU) 2015/1862, which are directly applicable in all Member States of the European Union.

After sanctions were lifted, eihbank has taken the necessary steps to get reconnected to the SWIFT system, following the completion of SWIFT’s normal connection process.  We assume that we will be able to use SWIFT services in February 2016.