Does the World Bank Group Follow UN Sanctions on Iran?
Yes. As an independent United Nations specialized agency and a multilateral development bank, the World Bank Group fully complies with UN sanctions on Iran* and reviews payments under World Bank Group financed projects to ensure compliance. Security Council resolutions on Iran exempt humanitarian and development activities conducted by international financial institutions. The Bank’s General Counsel wrote a letter to the UN Legal Counsel in September and then met with the UN to ensure the Bank is in compliance and acts consistently with the sanctions framework, which prohibits financing items on the sanctions list or that benefit listed individuals and entities. (* Note: UN Sanctions on Iran were passed in December 2006, and expanded in March 2007.
