| Kippreport.com

Bank of Tokyo-Mitsubishi freezes Iran transactions

May 17, 2012 9:00 by Reuters

Japan’s Bank of Tokyo-Mitsubishi UFJ said on Thursday it has frozen transactions with Iranian banks after it was ordered to do so by the New York District Court in early May.

 

The step is a consequence of a U.S. court decision in 2007 which ordered Iran to pay more than $2.6 billion to survivors and victims’ family members of the 1983 bombing of a marine barracks in Lebanon, a bank spokesman said.

 

Further possible sanctions by the U.S. government and Japanese banks against Iran would have a big impact on Japan’s economy. Iran is one of Japan’s major oil suppliers.

 

The banking unit of Mitsubishi UFJ Financial Group did not comment on the amount of assets it has frozen.

Tags: Iran, Iranian Banks, Japan, MUFG, NY Court