Italian Bank disobeyed US and paid the price


www.vsyako.netPhoto: Heinz-Peter Bader / Reuters

Italian Bank UniCredit and several of its subsidiaries in other countries, has agreed to pay a fine to the US authorities in the amount of $ 1.3 billion for violating sanctions against Iran and other States, according to Reuters.

In particular, the German branch of the Bank helped Iranian companies to illegally access the U.S. financial system. Exactly how it happened, not specified. One such company was the IRISL — state operator of the shipping fleet.

Also credit had helped companies from Sudan, Syria, Libya, Cuba and Myanmar. Their transactions, including payments for exported and imported goods carried out without mentioning the name of the country. These violations occurred from 2002 to 2011.

UniCredit argues that it managed to create the necessary reserves for possible losses, and therefore the payment of the penalty will not affect its financial results: profit and capital adequacy ratio. Thus, the Bank’s profit for the first quarter of 2019 amounted to 300 million euros after tax.

Over the last decade, at least ten banks have been violating these rights and signed a deal with the US authorities. The last case of the recent agreement, to which they went to the British Standard Chartered, which paid $ 1.1 billion.

USA imposed sanctions on Iran after a four year break in 2018, when Washington withdrew from a multilateral nuclear deal. In particular, the restrictions prohibit the country to export oil and the Iranian Central Bank, to make transactions in dollars.

Video, photo All from Russia.


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