US Mixed Signals Hampering Iran Trade
Economy, Business And Markets

US Mixed Signals Hampering Iran Trade

Various US officials, including secretary of state John Kerry, have attempted to reassure European banks on funding authorized Iranian trade.
However, without written confirmation from the US Treasury, the reopening of trade finance lines will continue to be hard work, according to UK-based news provider Global Trade Review.
It has been almost six months since the official lifting of nuclear sanctions as part of the Joint Comprehensive Plan of Action, and large international banks have attended countless meetings with governments trying to encourage them to fund the tremendous trade and investment opportunities presented by Iran.
In the most recent example last week, Kerry told Deutsche Bank, HSBC, Credit Suisse, Standard Chartered, BNP Paribas, Santander, RBS, Barclays and Lloyds representatives in London that “legitimate business, which is clear under the definition of the agreement, is available to banks”.
Still, none of them has reopened their business lines in the country yet, for fear of falling foul of the many sanctions applying to US persons.
A survey published on Wednesday by Clyde & Co confirms that remaining US sanctions are also dissuading businesses from reentering Iran, with 25% of senior executives of UK-headquartered international businesses looking at Iran naming these as their top concern, more than any other category.
Clyde & Co explains that although there has been significant sanctions relief, the US sanctions that remain in place are proving a strong disincentive to businesses looking to do business with Iran, and even more so their financiers.
John Whittaker, partner at Clyde & Co, explains: “The remaining US sanctions are a concern, not because the US sanctions apply directly but due to the uncertainty amongst exporters and their financiers about the consequences of breaching the remaining sanctions.”


Short URL : http://goo.gl/VmgwFW
  1. http://goo.gl/M46BmF
  • http://goo.gl/EsJaaz
  • http://goo.gl/vkz5Oc
  • http://goo.gl/h0uFMu
  • http://goo.gl/5s7CnV

You can also read ...

European Gov’ts Exploring Financial Channels for Iran
The French, British and German governments have told Iran they...
EU to Protect Firms in Iran Following US Refusal to Grant Waivers
EU countries on Monday gave European firms legal cover to...
$312m Paid in Travel Currency in 3 Months
A total of $312 million were allocated by the Central Bank of...
Cuba Rolling  Out Mobile Internet Services
Cuba has started providing Internet on the mobile phones of...
Biggest Privatization Bid of the Year Set for July 31
Iranian Privatization Organization is scheduled to stage the...
Iran, Ghana Sign Capital Market Deal
Capital market authorities from Iran and Ghana signed a...
IMIDRO Outlines Q1 Downstream, Upstream Steel Performance
A total of 11.22 million tons of iron ore concentrate was...
Non-Oil Trade With China  Up 10%
Iran traded 7.38 million tons of non-oil commodities worth $5....