EIB Warns Risks of Financial Cooperation with Iran

EIB Warns Risks of Financial Cooperation with Iran
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EIB Warns Risks of Financial Cooperation with Iran

EIB Warns Risks of Financial Cooperation with Iran

The European Investment Bank’s (EIB) global operations would be put at risk if it were to invest in Iran, its president said on Wednesday, casting doubt on the EU’s ability to deliver on its pledge to save a nuclear deal with Tehran that Washington has abandoned.

Reuters reported EIB President Werner Hoyer as saying that while he supported EU efforts to keep alive the 2015 deal which curbed Tehran’s nuclear ambitions, Iran is a place “where we cannot play an active role.”

The European Union has agreed to add Iran to the list of countries with which the Luxembourg-based EIB does business from August, a spokesman for the EU executive said the change “does not force the EIB to begin lending.”

The EIB will only do business there if it receives approval from its board of governors, which are the finance ministers of the EU’s 28 member states, and on the basis of finding suitable projects to invest in. Central bank transfers to Iran to pay for oil imports and avoid U.S. sanctions, a measure proposed by the European Commission in May, are still under discussion, diplomats said.

Meanwhile, only a few businesses have taken advantage of euro-denominated financing set up by European countries to trade with Iran.

Three European countries (Germany, France and Britain) want to open a financial channel that keeps the accounts in Iran’s central bank of Iran going, the Wall Street Journal reported. However, European sources conditioned the establishment of such a channel with Iran approving on joining the Financial Action Task Force on Money Laundering Control (FATF).

“There is no European bank which is presently able to do business in and with Iran,” Hoyer told reporters.

“We have to take note of the fact that we would risk the business model of the bank if we were active in Iran.”

The EIB currently steers clear of engaging in jurisdictions listed as high-risk under the FATF, a global group of government anti-money-laundering agencies. That includes Iran.



UN-backed Team Focusing on Human Rights in Palestinian Areas Announce Resignations

Chair of the Commission Navi Pillay delivers her statement of the report of the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, during the 56th session of the Human Rights Council, at the European headquarters of the United Nations in Geneva, Switzerland, Wednesday, June 19, 2024. (Martial Trezzini/Keystone via AP, File)
Chair of the Commission Navi Pillay delivers her statement of the report of the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, during the 56th session of the Human Rights Council, at the European headquarters of the United Nations in Geneva, Switzerland, Wednesday, June 19, 2024. (Martial Trezzini/Keystone via AP, File)
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UN-backed Team Focusing on Human Rights in Palestinian Areas Announce Resignations

Chair of the Commission Navi Pillay delivers her statement of the report of the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, during the 56th session of the Human Rights Council, at the European headquarters of the United Nations in Geneva, Switzerland, Wednesday, June 19, 2024. (Martial Trezzini/Keystone via AP, File)
Chair of the Commission Navi Pillay delivers her statement of the report of the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, during the 56th session of the Human Rights Council, at the European headquarters of the United Nations in Geneva, Switzerland, Wednesday, June 19, 2024. (Martial Trezzini/Keystone via AP, File)

A team of three independent experts working for the UN's top human rights body with a focus on Israel and Palestinian areas say they are resigning, citing personal reasons and a need for change, in the panel's first such group resignation.

The resignations, announced Monday by the UN-backed Human Rights Council that set up the team, come as violence continues in Palestinian areas with few signs of letup in the Israeli military campaign against Hamas and other militants behind the Oct. 7 attacks.

The Israeli government has repeatedly criticized the panel of experts, known as the Commission of Inquiry on the Occupied Palestinian Territory and Israel, and denied their repeated requests to travel to the region or otherwise cooperate with the team, The AP news reported.

Council spokesman Pascal Sim said the move marked the first joint resignations of Commission of Inquiry members since the council was founded in 2006. The team said in a statement that the resignations had “absolutely nothing to do with any external event or pressure," while also saying they provided a good opportunity to reconstitute the panel.

Navi Pillay, 83, a former UN human rights chief who has led the commission for the last four years, said in a letter to the council president that she was resigning effective Nov. 3 because of “age, medical issues and the weight of several other commitments.”

In an interview, Pillay rejected accusations from critics who accused her of antisemitism or turning a blind eye to the Hamas attacks. She recalled how she worked closely with some Jewish lawyers in the fight against apartheid in her native South Africa and was invited to Israel as the UN rights chief from 2008 to 2014.

"Name-calling is not affecting me in any way,” she said by phone. “We have striven to remain independent. That’s what we are. We’re an independent panel. We don’t take sides ... We look at the evidence and see the direction it’s taking us.”

“People who accuse us of being anti-Semitic ... they twist the facts, they invent facts, falsify facts. I would like to see them challenge the report: Which of the facts that we have set out are incorrect?” she said.

Her commission condemned the Oct. 7 attacks three days afterward in a news release that said at the time that reports "that armed groups from Gaza have gunned down hundreds of unarmed civilians are abhorrent and cannot be tolerated. Taking civilian hostages and using civilians as human shields are war crimes.”

She expressed regret that Israel didn't allow the commission access to Israel or Palestinian areas, saying "I feel that’s an injustice to Israeli Jews because we’re not taking on board their opinion or what they’re saying.”

Pillay said she had been recently diagnosed with low platelet count and her condition has restricted her ability to travel.

Her team said it wanted to give the rights council's president — currently Ambassador Jürg Lauber of Switzerland — the ability to pick new members.

Team member Chris Sidoti said Pillay's retirement marked “an appropriate time to re-constitute the commission.” The third member, Miloon Kothari, did not provide his reasons in a letter announcing his resignation effective 0ct. 31.

Neither the independent experts nor the council have any power over countries, but aim to spotlight rights abuses and collect information about suspected perpetrators that could be used by the International Criminal Court or other courts focusing on international justice.

The letters were sent to the council president last week but only became public Monday.

Last week, the US government announced sanctions against another independent expert mandated by the council, Francesca Albanese, who has also focused on Israel and the Palestinians. Albanese has accused Israel of genocide against the Palestinians, a claim Israel has denied.

Albanese said in an interview last week with The Associated Press that she was shocked by the US decision. She has not resigned.