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Cablegate: Usg Questions On China August 1 Notice On Bank

VZCZCXRO5922
OO RUEHBC RUEHDE RUEHDIR RUEHKUK
DE RUEHC #5096/01 2202231
ZNR UUUUU ZZH
O 072226Z AUG 08
FM SECSTATE WASHDC
TO RUEHBJ/AMEMBASSY BEIJING IMMEDIATE 2262
RUCNDT/USMISSION USUN NEW YORK IMMEDIATE 2691
INFO IRAN COLLECTIVE IMMEDIATE

UNCLAS SECTION 01 OF 02 STATE 085096

SIPDIS

E.O. 12958: N/A
TAGS: KNNP IR PREL PARM
SUBJECT: USG QUESTIONS ON CHINA AUGUST 1 NOTICE ON BANK
SEPAH

REF: A. A) NOTE VERBALE
B. 1 AUGUST 2008

1. (U) This is an action request. Please see paragraph
four.

-------
SUMMARY
-------

2. (U) On August 1, China notified the UNSCR 1737 Sanctions
Committee of its intention to authorize-under paragraph 15 of
UNSCR 1737-payments due under contracts with Bank Sepah
entered into prior to the listing of Bank Sepah in Annex I of
UNSCR 1747. Washington requests that China provide more
information to the U.S. regarding these payments and the
underlying contracts in order to confirm that the
authorization of such payments is fully consistent with the
terms of paragraph 15 of UNSCR 1737.

3. (U) In accordance with paragraph 15 of UNSCR 1737 and
paragraph 4 of 1747 the payments may proceed as early as
August 14. We wish to immediately convey our request to
China, prior to the payment of any funds, and ask China to
delay authorization or withdraw its notification until more
information is provided on the type of contract, the parties
and the description of the goods involved.

----------
OBJECTIVES
----------

4. (U) Washington requests Mission and Embassy Beijing
approach appropriate Chinese officials to discuss this issue
drawing from paragraphs two and three and the objectives
outlined below. Please note the time sensitivity of this
issue and do not delay delivery of the demarche due to the
Olympics.

-- Inquire about the type of contract or payment involved
(e.g., letters of credit or other type of contract) and the
dates of the contracts to ensure that they meet the criteria
for allowable exemptions.

-- Ask for additional details - prior to the payment of any
funds - about the nature and a description of the underlying
goods to ensure that the contracts are not related to any of
the prohibited items, materials, equipment, goods,
technologies, or related assistance, as set out in resolution
1737.

-- Obtain information about the parties (including the
names, locations, and principal owners) involved in these
transactions to determine whether they have links to any
UNSC-designated entities or individuals. Also obtain the
name of the banks involved for both parties

-- Request that China confirm that the funds to be unfrozen
and paid to the creditors are currently within China and, if
not, to indicate the source of the funds.

-- Note that all States should, consistent with UNSCR
1803's call for States to exercise vigilance over the
activities of their financial institutions with banks
domiciled in Iran and their branches and subsidiaries abroad,
consider establishing reporting, record-keeping or other
monitoring requirements for their financial institutions'
activities with these banks.

-- Reiterate that the UNSC 1737 Committee must be notified
at least ten working days prior to any authorization
permitting transactions that fall within the scope of
paragraph 15 with Bank Sepah and/or Bank Sepah International
Plc.

------------------
REPORTING DEADLINE
------------------

5. (U) Posts should report results within seven (7)
business days of receipt of this cable. Please slug replies
for ISN, IO, T, TREASURY, and NEA/IR. Please include SIPDIS
in all replies.

----------------
POINT OF CONTACT

STATE 00085096 002 OF 002


----------------

6. (U) Washington point of contact for follow-up
information is Kevin McGeehan, ISN/CPI, (202) 647-5408,
McGeehanKJ@state.sgov.gov.

7. (U) Department thanks Post for its assistance.
RICE

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