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Identifier
Created
Classification
Origin
07OSLO480
2007-05-04 14:18:00
SECRET
Embassy Oslo
Cable title:  

(S) SEPAH ASSETS UPDATE

Tags:   EFIN  IR  PARM  KNNP  NO 
pdf how-to read a cable
VZCZCXYZ0000
PP RUEHWEB

DE RUEHNY #0480 1241418
ZNY SSSSS ZZH
P 041418Z MAY 07
FM AMEMBASSY OSLO
TO RUEHC/SECSTATE WASHDC PRIORITY 5643
INFO RUEHAD/AMEMBASSY ABU DHABI PRIORITY 0096
RUEHTH/AMEMBASSY ATHENS PRIORITY 0116
RUEHRL/AMEMBASSY BERLIN PRIORITY 0599
RUEHSW/AMEMBASSY BERN PRIORITY 1254
RUEHBY/AMEMBASSY CANBERRA PRIORITY 1060
RUEHLM/AMEMBASSY COLOMBO PRIORITY 0363
RUEHCP/AMEMBASSY COPENHAGEN PRIORITY 2311
RUEHKA/AMEMBASSY DHAKA PRIORITY 0128
RUEHDL/AMEMBASSY DUBLIN PRIORITY 0216
RUEHIL/AMEMBASSY ISLAMABAD PRIORITY 0446
RUEHLO/AMEMBASSY LONDON PRIORITY 1442
RUEHMD/AMEMBASSY MADRID PRIORITY 1774
RUEHMK/AMEMBASSY MANAMA PRIORITY 0092
RUEHNE/AMEMBASSY NEW DELHI PRIORITY 0440
RUEHFR/AMEMBASSY PARIS PRIORITY 0969
RUEHRO/AMEMBASSY ROME PRIORITY 0526
RUEHUL/AMEMBASSY SEOUL PRIORITY 0790
RUEHSM/AMEMBASSY STOCKHOLM PRIORITY 3110
RUEHTC/AMEMBASSY THE HAGUE PRIORITY 4382
RUEHYE/AMEMBASSY YEREVAN PRIORITY 0019
						S E C R E T OSLO 000480 

SIPDIS

SIPDIS

ISN/CPI (JCHALMERS), NEA/IR (SMISKO), PLEASE PASS TO
TREASURY

E.O. 12958: DECL: 05/04/2017
TAGS: EFIN, IR, PARM, KNNP, NO
SUBJECT: (S) SEPAH ASSETS UPDATE

REF: A. STATE 60238

B. OSLO 320

Classified By: Acting DCM Kristen F. Bauer, Reasons 1.4 (b)
and (d)

1. (S) On May 4 we delivered reftel A points to MFA Legal
Department Deputy Director Martin Sorby, who reviewed the
GON's steps to freeze Sepah's assets, as outlined in reftel
B. On March 30, the GON had amended its regulations and
drafted the necessary legal instruments to freeze Sepah
assets in Norway. The Norwegian Security and Exchange
Commission (KreditTilsynet) was contacted, which communicated
the freeze to Norwegian banks and financial institutions.

2. (S) Sepah's bank account in the Norwegian bank Nordea,
which had a balance of approximately 28,300 USD, was
immediately frozen. Nordea simultaneously deleted all credit
lines with Sepah, and confirmed to the GON that there were no
outstanding Sepah letters of credit. To Sorby's knowledge,
there has been no evidence of an asset flight, and there is
no information indicating any additional Sepah accounts in
Norway.

3. (S) Sorby noted that the Norwegian Central Bank provided
the MFA with a copy of a letter from the Iranian Central Bank
president. The letter (which was not provided to us)
outlined a general Iranian appeal to European central bank
governors complaining of the Security Council's decision.
The GON was asked in the letter to work toward lifting the
asset freeze. The Norwegian Bank did not respond,
determining that the letter should be filed "for no further
action." Sorby will inform us of any additional
developments.
WHITNEY