ECB defends payments system in Iran sanctions debate
February 21, 2013 8:35 PM EST
The European Central Bank on Thursday defended its payments system after a newspaper reported that the U.S. Congress is preparing new Iran sanctions to target the ECB's system for settling cross-border payments.
The proposed bill is aimed at pressing the ECB to do more to prevent Iranian companies and banks from using the Target2 payments system to conduct transactions involving euros, the Financial Times reported.
The ECB said it complied with European Union sanctions against Iran.
"The ECB ensures that no illegitimate transactions are cleared in Target2," a spokesman for the euro zone's central bank said. "But any sanctions are EU sanctions and not an ECB competence."
The United States and the European Union have imposed sanctions on Iran that aim to slow funding to Tehran's nuclear program. The West says the program is developing nuclear weapons, a charge Tehran denies.
(Reporting by Paul Carrel. Editing by Jeremy Gaunt.)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Apple and Google Engage in Thermonuclear War, New Google Translate Chat App in the Works
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- More Nexus 6 Problems Arise with Android 5.0 Lollipop, Poor Benchmark Results and Other Issues
- HTC One M8 Android 5.0 Lollipop Release Delayed: Other Schedule and Installation Guide