Updated at 13:33,29-11-2021

Iran gets rid of troubled banks in Belarus


100% of the statutory fund of Honorbank, which is under the USA’s sanctions, were sold within four deals.

The deals were registered by the Belarusian currency and stock exchange (BCSE) on 22 January.

15 million equities of Honorbank were sold for 5.1 million euros. According to the BCSE, the buyer paid for the bank’s share 25.9% more of their face value.

According to the Business-news news agency’s information, the bank’s buyer is a non-bank organization with the participation of European capital.

Honorbank was founded in October 2009 as a 100% foreign capital bank. The bank’s shareholders were three Iranian banks - Bank Refah Kargaran, Bank Saderat Iran and Bank Toseeh Saderat Iran/Export Development Bank of Iran.

In August 2010 the USA Financial Ministry’s unilateral sanctions were introduced against Honorbank because the bank was controlled by Iranian banking structures.

As the Italian newspaper La Stampa reported, the Iranian banks under the Western sanctions started registering affiliates in Minsk. In this way Tehran tried to circumvent the sanctions with the help of Belarus.