Iranian banks notch win in dispute over sanctions enforcement
… from the Washington Post
[ Editor’s Note: This was an unusual even to see Bahrain apparently acting as a proxy for the US to use its sanctions policy, to engage in some pirate style looting of this Iranian bank. Note this was a private, not an Iranian government bank.
Welcome to the ruthless underside of the Arab world where their elites are attracted to major business theft as a form of sport, comfortable in that a prison term is hardly in the making if they are unsuccessful. If they have to give the money back, that is no real loss as they stole it in the first place.
Diplomatically, this has gone on for too long, as it is a no prosecution risk game to the Arab elite, and they can quickly put some payoff money on the table if needed. Many of the rich business moguls have token government position titles affording them immunity from prosecution and the wide smile that goes along with that.
Yes, they fear no personal sanctions, as they can fly to the US or anywhere in Europe, as they spend lots of money; and none of those countries want to prevent that. As Gordon does so love to say, “Welcome to how the world really works”… Jim W. Dean ]
First published … November 26, 2021
While acknowledging that infractions had occurred, the panel concluded that Bahrain’s enforcement measures violated its own banking policies and regulations and were motivated primarily by politics — a “contrived agenda of political retribution” that reflected regional animosities against Iran, according to a copy of the panel’s ruling reviewed by The Washington Post.
…But the panel concluded that Bahrain’s actions against Future Bank “were not genuine regulatory measures aimed at addressing Future Bank’s illegal conduct,” according to the copy of the decision seen by The Post.
Rather, the closing of the bank amounted to an “expropriation” of the Iranian banks’ money, without due consideration of less-punitive measures, the panel said. The arbitrators appeared skeptical over whether U.S. and U.N. sanctions against Iran were binding in all cases on Bahraini bank regulators.
You can read the full Washington Post article here.