Lebanon Revokes License of Bank Saderat Iran
Banque du Liban revoked the local license of Bank Saderat Iran to mitigate regulatory risks and comply with United States pressure.
The Banque du Liban revoked the local license of Bank Saderat Iran, one of Iran's largest commercial banks, to protect the Lebanese banking sector from financial and regulatory risks. Governor Karim Souaid announced the decision during the International Monetary Fund's annual meetings, stating the move follows intensifying pressure from the United States to sever commercial ties with Tehran.
Bank Saderat Iran had already been isolated from SWIFT and global payment systems due to sanctions. The U.S. Treasury Department previously identified the institution as a potential financial conduit for Hezbollah. In Lebanon, the bank's operations were primarily limited to facilitating transfers for specific networks.
This action aligns with similar measures taken by Türkiye and the United Arab Emirates. The decision comes as Lebanon seeks removal from the Financial Action Task Force's gray list and continues negotiations with the International Monetary Fund for a loan to revive an economy that defaulted on $30 billion in bonds in 2020.
