French state bank Bpifrance will finance investment projects of French companies in Iran from 2018, granting up to 500 million euros ($598 million) in annual credits, its CEO said on Sunday.
“Excluding a force majeure case, we will be on their side in early 2018. We are the only French bank that can do it without risking US sanctions for a possible breach of remaining embargo rules,” Nicolas Dufourcq told Le Journal du Dimanche, according to Reuters.
The report added that because the BPI has no operations abroad, notably in the United States, it is not exposed to possible fines for US sanctions breaches.
The 2015 nuclear deal Iran between Tehran and world powers lifted many sanctions against the country in exchange for restrictions on its peaceful nuclear activities and paved the way for international business deals.
Many banks, however, have stayed away for fear of inadvertently breaking remaining US sanctions, which could lead to huge fines.
(Source: Tasnim, under Creative Commons licence)