The biggest private bank in Iran is suing the UK government for $4 billion, according to a claim filed in London’s high court. The Brits imposed sanctions on the bank over alleged links to Iran’s controversial nuclear program.
Bank Mellat has asked for compensation over the impact of the sanctions, which it has deemed a “significant pecuniary loss” and has caused substantial reputational damage, reads the document seen by Reuters on Monday.
The bank alleges that the UK government has also been successful in encouraging other authorities to place their own sanctions on the bank, prompting a decline in banking relationships and the loss of both profitable business and customers. The bank lost international business, according to the Wall Street Journal.