UniCredit Expects Deal With US Over Iran Sanctions Violations

EghtesadOnline: Italy’s biggest bank UniCredit expects to reach a deal with the United States in a dispute over alleged sanctions violations in Iran in the coming months, its CEO said on Tuesday.

News ID: ۷۸۳۶۱۳

11 August 2018

“We are confident we can reach an agreement with the US before the end of the year,” Jean Pierre Mustier said in a conference call on the company’s second-quarter results, Reuters reported.

Mustier did not give the details.

In 2011, UniCredit was subpoenaed by the New York County authorities over a series of past operations involving Iranian companies, according to Financial Tribune.

The US Department of Justice then opened an investigation in 2012 to look into the extent to which the bank had complied with measures introduced by the US Treasury Department’s Office of Foreign Assets Control.

UniCredit has said it is carrying out its own internal investigation to assess past payments in US dollars and its respect for US-imposed sanctions.

New US sanctions against Iran have been reimposed on Tuesday, with US President Donald Trump pledging firms doing business with Tehran would be barred from trading with the United States.