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Armenia’s Central Bank and commercial banks are well aware of the full restoration of the US sanctions on Iran and consider all possible consequences deriving from this while planning their ongoing activities, the CBA informed.

“The Central Bank of Armenia is closely cooperating with its international partners to timely detect the existing and possible risks threatening Armenia’s financial system stability and prevent them in an effective manner.

Both the Central Bank and all commercial banks in Armenia are well aware of the full restoration of the US sanctions against Iran on August 6 and November 5 according to the May 8 statement of the US President and take into consideration all possible consequences deriving from this while planning their ongoing activities.

It’s worth to mention that the participants of Armenia’s financial system, before the approval of the Joint Comprehensive Plan of Action by the Great Britain, France, Germany, US, Russia and China on January 16, 2016, have installed and continue applying complete system of preventive measures after the US withdrawal from the Action plan on May 8, 2018.

The aforementioned system enables Armenia’s financial institutions to refrain from any actions related to money laundering, terrorism funding, financing of massive weapons distribution, by fully ensuring the proper implementation of restrictions and bans in accordance with the decisions of the international organizations, in particular, the UN Security Council.

The Central Bank of Armenia is closely cooperating with its international partners to timely detect the existing and possible risks threatening Armenia’s financial system stability and prevent them in an effective manner”, the statement says.