Conservative Banks to Lag Behind in Trade with Iran: Diplomat

TEHRAN (Tasnim) – Certain European banks need to stop their conservative attitude to trade with Iran, an Iranian deputy foreign minister said, noting that too much delay in developing economic ties with Tehran will cause them to stay behind other financial institutions.

Conservative Banks to Lag Behind in Trade with Iran: Diplomat

There is no obstacle to trade cooperation with Iran under the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi said on Saturday.

He made the comments at the 2nd conference on Iran-EU trade, held in Tehran.

European banks should set aside excessive caution when it comes to economic cooperation with Iran, Takht Ravanchi added, describing as “unnecessary” the concerns that some international banks may feel about interaction with Iran.

“It is clear that there is no obstacle to trade and economic cooperation with Iran… There is no juridical and legal barrier to the expansion of ties (with Iran),” he added.

In separate comments at the gathering, Iran’s Ambassador to Germany Ali Majedi said fear of facing US punishment has prevented growth in banking relations between Iran and foreign countries after coming into force of the JCPOA.

There has been growing enthusiasm for closer ties with Iran after implementation of the nuclear accord, which took effect on January 16.

The deal has terminated all nuclear-related sanctions on Iran, reopened the doors of foreign investment to the country’s market, and prepared the ground for a much-anticipated economic boom.

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