European-Iranian Trade Bank AG (EIH Bank), based in Hamburg Germany, says it will not abide by European Union sanctions against Iran.

Earlier in the week the EU froze the bank’s assets.  Bank officials say it will not stop them: “Nothing has changed; the same Bundesbank office which approved our transactions during the investigation will continue to approve our transactions under sanctions.”-Norbert Eisenmenger, EIH finance and marketing

Last year the United States blacklisted the EIH bank, saying the bank was providing financial services for other banks doing business with Iran.