🔸The Federal Financial Supervisory Authority of Germany (BaFin) announced that Bank Sepah of Iran, its Frankfurt branch, no longer has “the ability to meet its debt and financial obligations” as announced.

🔸The news was announced on Thursday, 19 Shahrivar, and the agency added that this inability is due to European Union sanctions against this bank.

🔸Based on the European Union sanctions against Bank Sepah, its Frankfurt branch no longer has access to the European payment system and therefore is not able to repay its customers’ deposits.

🔸The report states that the German branch of the Iranian bank Sepah had millions of euros deposited with Germany’s central bank (Deutsche Bundesbank); however, its bankruptcy process has already begun.

🔸Frankfurt is the financial capital and the largest banking center in the eurozone region, and the European Central Bank is also located in this city.

🔸The news is published only a few days after the start of the U.S.-backed campaign of “Economic Expulsion of Iran” and the intensification of sanctions against the Islamic Republic.

🔸As part of the campaign against the Iranian government, U.S. Treasury Secretary Scott Bessent had asked different countries to end their activities and hosting of branches of Iranian banks on their soil.