US tells UK banks to shut down Iran operations

3 December 2006 20:04

US tells banks to shut down Iran operations
By Andrew Murray-Watson
Published: 03 December 2006

Several of the UK's largest banks fear they could face the full legislative wrath of the US government unless they bow to Washington's pressure to shut their operations in Iran.

It is believed that officials in President George Bush's administration have also put pressure on banks with operations in the US, including RBS, HSBC and Barclays, to stop acting on behalf of UK business customers in Iran. Barclays, it is thought, has already told its corporate clients that it will not accept deposits from transactions originating in Iran.

The finance director of an AIM-listed company with significant operations in Iran said: "Barclays told us that it is unable to act as our bank as far as Iran is concerned. We have not been told why." HSBC has said it will no longer accept dollar transactions from within Iran, while RBS declined to comment.

Although the UK banks involved are listed and incorporated in the UK, all have either a secondary listing or substantial operations in the US that makes them potentially vulnerable to US government action. A senior executive at one of the banks affected said: "The consequences of not toeing the American line on Iran have not been made clear, but we were left in no doubt that we might not want to find out."

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http://news.independent.co.uk/business/news/article2034764.ece

Making more friends and influencing people, eh Bushie*? :sarcasm:

and I don't mean intoxicated!

Andrew Murray-Watson: Uncle Sam flexes his muscles - and big banks quiver
America is piling on the pressure to turn Iran into a financial leper
Published: 03 December 2006

It is absolutely right and proper that companies abide by the laws and regulations of the countries in which they operate. Of that there is no dispute.

So for example, the German subsidiary of a French company has to abide by the financial laws and regulations laid down by the German government.

However, the US wants to go further. Much further. The American government seems to think it has the right to demand that foreign companies act to further its own foreign policy ambitions.

<snip>

This is not anti-American scaremongering: this is big business asking the questions about US motivations. And when the likes of HSBC and Barclays start to feel nervous, then the whole of UK plc should pay attention.

a.murray-watson@ independent.co.uk

http://news.independent.co.uk/business/comment/article2034773.ece

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At least with banks like Barclays et al the transactions can be monitored, eh?

Wasn't that the whole point of one of the leaked "war on terror" methods?

Now they want to cut-and-run from that ability?

I should think so. Sounds to me like the Bush Admin is trying to make it so that only America (via Halliburton) be the only nation allowed to do business with Iran.

Curious, because I thought Cheney had "no more ties" with Halliburton. Damn me if it doesn't appear to be the opposite!

international business and daddy`s friends would be a tad upset if george closed their banks. money talks and georgie walks

this is not about the Iranian Oil Bourse.

so, no, i cannot tell you that.

dp

The hypocrisy of this administration knows no bounds.