Cablegate: Ambassador Wagner Warns Bankers About the Risks of Doing

VZCZCXYZ0018
PP RUEHWEB

DE RUEHLE #0074 0801525
ZNR UUUUU ZZH
P 201525Z MAR 08
FM AMEMBASSY LUXEMBOURG
TO RUEHC/SECSTATE WASHDC PRIORITY 6245
RUEATRS/DEPT OF TREASURY WASHDC PRIORITY

UNCLAS LUXEMBOURG 000074

SIPDIS

SIPDIS
SENSITIVE

DEPT FOR EEB/ESC/TFS BESDANO
TREASURY FOR D/S KIMMITT, A/S O'BRIEN

E.O. 12958: N/A
TAGS: KTFN PREL ECON IR LU
SUBJECT: AMBASSADOR WAGNER WARNS BANKERS ABOUT THE RISKS OF DOING
BUSINESS WITH IRAN

1. (U) During a March 14 speech to the International Bankers Club of
Luxembourg, the Ambassador discussed the USG position and policy on
Iran sanctions. She reviewed the operations of the Treasury
Department's Office of Foreign Assets Control (OFAC) and emphasized
the reputational risk of doing business with Iran, citing several
large international banks that have already stopped doing business
with Iranian entities.

2. (SBU) Comment: The International Bankers Club includes several
dozen of the most senior bankers and financial executives in
Luxembourg, which remains one of the most important financial
centers in the world. Her remarks were very well received, and
following the speech the Ambassador was approached by a banker who
requested assistance in assuring that his bank's operations comply
with the sanctions policy. Post will actively follow up this
request. End Comment.

WAGNER

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