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Kuwait applies UN sanctions against Iran

Central Bank of KuwaiteGulf daily News – KUWAIT CITY: The central bank of Kuwait has asked the country’s banks, investment companies and money exchange firms to start implementing UN sanctions against neighbouring Iran.

The instructions called for the freezing of assets and financial resources related to “Iran’s sensitive nuclear programmes or activities”, media reports said, citing a circular by the central bank.

The circular was based on a letter by the foreign ministry which stressed that the sanctions were mandatory.

The circular bans the opening of branches or representative offices for Iranian banks in Kuwait and forbids Kuwaiti financial institutions from opening offices or accounts in Iran.

The central bank asked Kuwaiti financial institutions to exercise caution while making trade transactions with Iran-based establishments, including those controlled by the Revolutionary Guards and Iran’s marine transport company.