US “Persuading Firms to Trade with Iran”

By John Lee.

Washington has emphasized that it has no intention of obstructing business with Iran, and has started a campaign to persuade wary firms that doing business with Iran is now all right.

Reuters reports that Chris Backemeyer, Principal Deputy Coordinator for Sanctions Policy at the US Department of State, said on Wednesday that US officials were meeting business leaders around the world to explain what the US saw as legitimate business with Iran and what it viewed as illegitimate.

He said that while US banks were still banned from dealing with Iran as part of a trade embargo that remains in place – effectively blocking US dollar transactions, since they would ultimately be cleared in the United States – Washington would not penalize foreign banks for doing business in other currencies.

Ccompanies are still complaining that trade with Iran is still difficult as a result of lingering fears of US punitive actions, specifically related to the unwillingness of international banks to process transactions with the country.

US banks are still forbidden to do business with Iran and while lenders based elsewhere are not covered by this ban, major problems remain, according to Reuters.

(Source: Reuters, Press TV)

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