35848
UK Businesses Want to  Enhance Iran Trade
Economy, Business And Markets

UK Businesses Want to Enhance Iran Trade

Lack of banking relations is British companies’ main concern for enhancing commercial relations with Iran, said Sirous Mehdizadeh, director of the British- Iranian Chamber of Commerce.
“Banks in the UK paid the heftiest fines for doing business with Iran during the sanctions which has made them cautious in resuming ties with Iranians,” IRNA quoted him as saying on Saturday.
Due to UK banks’ earlier settlements with US regulators for violating the US-imposed restrictions on Iran, Britons cannot easily normalize their trade with Iran to the pre-sanctions level, he added.
In some notable cases, HSBC was fined $1.9 billion in 2012 by US regulators for violations including doing business with Iran, while Standard Chartered paid $667 million in 2012 for violating US sanctions and a further $300 million after more compliance shortcomings were uncovered.
“However, UK businesses are pushing their government to resolve the remaining issues,” Mehdizadeh said. “They do not like to be left behind by their French, Italian and German peers.”
Referring to the UK Export Finance’s £50 million ($71.2 million) initiative to cover UK exports to Iran the day after the lifting of the sanctions on January 16, he said the government in London is keen to boost ties with Iran.
He noted that a British delegation would travel to Tehran following Foreign Minister Mohammad Javad Zarif’s visit to London this week.  On Thursday Zarif called on the Obama White House to make a clear public pledge that it would not penalize European banks for legitimate trade with the Islamic Republic. He also said that normal economic and commercial relations could resume with Britain.
Washington still prevents US nationals, banks and insurers from trading with Iran and also prohibits any trade with Iran in US dollars from being processed via the US financial system. This is a significant complication given the dollar’s role as the world’s main business currency.
Iran imported $614 million worth of goods from Britain in the past Iranian year (ended March 20, 2015) and exported commodities worth $72 million, according to data provided by Iran’s Customs Organization. The imports mostly included medicine, medical equipment and grains, while the main export was steel and iron products, handmade carpets, saffron, date and raisins.

 

Short URL : http://goo.gl/ya4HIA
  1. http://goo.gl/JShvrU
  • http://goo.gl/QSshiB
  • http://goo.gl/z8ODhe
  • http://goo.gl/4ZwcPm
  • http://goo.gl/nht7Ep

You can also read ...

US Looking East After Fining Europe Over Iran Business
The US effort to put Iran in a financial bind meant European...
Proses has offered to explore a possible SISP at the world class Mehdiabad zinc (lead and silver) project in Iran where it has a role in development planning.
British mining and mineral processing technology company...
Depending on Iran’s progress in completing its action plan, FATF will take further steps in June 2018.
The Financial Action Task Force has recognized measures taken...
Iran’s Corruption Perceptions Index Improves
Iran’s score based on the Corruption Perceptions Index...
Crimean Ports Under Sanctions Looking for Way Out to Iran
Crimea’s ports, which are not operating at full capacity due...
Home Security Startup Taps Face-Recognition Tech
A team of engineers that worked on self-driving cars and...
SpaceX successfully deployed a satellite into low Earth orbit for the Spanish government.
SpaceX took a critical step Thursday toward making one of Elon...
Iranian Internet Service Providers Under Scrutiny
In a bid to increase access to the Internet, the Communication...

Trending

Googleplus