Economy, Business And Markets

US Efforts in Vain

US Efforts  in Vain US Efforts  in Vain

A former top US Treasury Department official acknowledged in talk with The Weekly Standard Thursday that major international firms still do not want to do business with Iran, despite efforts by the Obama administration to persuade foreign banks and businesses to reengage there. Stuart Levey, the Treasury Department undersecretary for terrorism and financial intelligence under the Bush and Obama administrations, said that though some sanctions on Iran were lifted after last summer’s nuclear deal, firms remain wary of doing business with the Islamic Republic. The Obama administration initiated a global tour to encourage foreign firms to reengage with Iran around May, after the Iranians complained about not seeing the economic benefits from the nuclear deal. Officials in Iran have repeatedly called on US authorities to give concrete assurances to major banks that their business with Iran won’t entail penalties.


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