In a presentation to shareholders by Oberbank CEO Franz Gasselsberger, said the financing of projects in Iran remains “on hold” because the current US policy "complicates the business massively”, a new report in Austria's Die Presse said.
He added the prospect that secondary sanctions could “snapback” on May 12 if US President Donald Trump refuses to reissue key sanctions waivers was highlighted as something the bank’s leadership will need “take a close look at.”
Oberbank had signed an agreement to extend a EUR 1 billion line of credit to Iran in September of last year.
The finance deal was intended to support capital-intensive infrastructure and energy projects led by Austrian companies and was earmarked for projects of over two years in duration.