Featured # Markets | 3 years ago

Iran urges for the United States to push their Banks to do Business

Iran’s foreign minister announced on Tuesday that the United Stated should encourage banks to do more business with Iran now that their sanctions have been lifted. The United States and Europe both agreed to lift sanctions placed on Tehran in January under a deal where they also agreed to put curbs on Iran’s Nuclear Program. Some restrictions do remain, such as financial transactions, which ultimately slows the Iranian hopes to reintegrate with global markets as well as global business.

“I believe the United States on paper has removed all the sanctions,” Mohammad Javad Zarif said, but Washington needs to do more to remove the “psychological remnants” of measures which had been in place for decades. Zarif also added to this at a news conference in Norway with European Union Foreign Policy Chief Federica Mogherini, “On the banks, I believe it is important for everybody to realize that an agreement will be sustainable if everybody feels they are making gains from the agreement.”

“Its implementation must also be a win-win implementation so that everybody feels there are benefits, there are dividends,” stated Zarif. The European Union has been engaging with businesses and banks to push them to do business in Iran following the signing of the nuclear deal which lifted the sanctions, but noted that progress would take time and effort on both sides, said Mogherini.

“In the first four months this year, trade between the European Union and Iran increased by 22 percent,” she high-lighted. “We are very actively engaging with the business community and the banks in Europe and elsewhere to encourage engaging in Iran.” Although many challenges remain, growth and expansion are heading “in the right direction”, she said. “Europe is committed to ensuring that the Iranian citizens can benefit from the lifting of the sanctions,” Mogherini concluded with.

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