By John Lee.
A week after the lifting of sanctions against Iran, The Guardian reports that major European banks are still reluctant to handle Iranian payments as they remain wary of being the first to test the reaction of US authorities.
“Despite guidance issued by the US treasury aimed at reassuring Europe that it was permissible to do business with Iran, excluding a number of entities and individuals that remain blacklisted, the continent’s big banks still err on the side of caution,” said the report.
Compliance departments in big banks studying a 50-page guidance document from the US treasury’s Office of Foreign Assets Control (OFAC) that some fear may be open to interpretation.
A senior European banker who did not want to be named told The Guardian:
“I am yet to find one tier-one European investment bank that wants to go back into Iran.”
(Source: The Guardian)